WESTMORELAND RESOURCE: 6 Directors Named to Gen. Partner's BoardYBR LLC: Case Summary & Largest Unsecured CreditorYMCA OF MILWAUKEE: To Close Down South Shore YMCA on Jan. 31YMCA OF MILWAUKEE: To Close South Shore Y in CudahyZOGENIX INC: Cash at $42.2 Million as of Dec. 31

1058 SOUTHERN: Hires David Maltz & Co as Broker-----------------------------------------------1058 Southern Blvd. Realty Corp. seeks authorization from the U.S.Bankruptcy Court for the Southern District of New York to employDavid R. Maltz & Co., Inc. ("Maltz") as broker for the estate.

Maltz will sell certain real property of the Debtor, located at,and known as 1054-1058 Southern Boulevard, 1042 Westchester Avenue,Bronx, New York 10459 (the "Real Property").

The Debtor and Maltz have agreed, subject to Bankruptcy Courtapproval, that Maltz shall be paid its commissions and reimbursedits expenses (the "Commission") in accordance with the Marketing &Exclusive Sales Agreement.

Richard B. Maltz, vice president of Maltz, assured the Court thatthe firm is a "disinterested person" as the term is defined inSection 101(14) of the Bankruptcy Code and does not represent anyinterest adverse to the Debtors and their estates.

1058 Southern Blvd. Realty Corp., owner and operator of a mixed-use multi-unit building known as and located at 1054-1058 SouthernBoulevard, 1042 Westchester Avenue, Bronx, New York, soughtbankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12808) onOct. 3, 2014. Miriam Shasho signed the petition as president ofthe Debtor. The Debtor estimated assets of $10 million to$50 million and liabilities of $1 million to $10 million. Thecase is assigned to Judge Robert E. Gerber. The Debtor has tappedGerard R. Luckman, Esq., at SilvermanAcampora, LLP, in Jericho,New York, as counsel.

22ND CENTURY: Establishes Trade Partners Program------------------------------------------------22nd Century Group, Inc., announced that the Company hasestablished its "Trade Partners Program" to provide retailers anddistributors the opportunity to receive shares of 22nd CenturyGroup common stock as a rebate for purchases of RED SUN brandcigarettes. The Company filed with the U.S. Securities andExchange Commission on Jan. 9, 2015, a prospectus supplementrelating to the Trade Partners Program, in which up to $3 millionof the Company's pre-existing $45 million Form S-3 shelfregistration statement (File No. 333-195386) may be used for commonstock issuances under the program (not to exceed 300,000 shares).

The Company established its Trade Partners Program as a strategicincentive plan to give eligible cigarette distributors andretailers the opportunity to earn publicly tradable shares of theCompany's common stock in consideration for purchases of theCompany's RED SUN brand of cigarettes. Participating distributorswill earn $1.00 worth of 22nd Century common stock as a rebate foreach carton of RED SUN purchased in 2015 and participatingretailers will earn $3.00 worth of 22nd Century common stock as arebate for each carton of RED SUN purchased in 2015.

Various incentive and rebate programs are already prevalent in thecigarette industry; however, for awarding common stock that isfreely tradable on the NYSE MKT exchange, the Trade PartnersProgram is truly unique. The Company believes that the novelprogram will be a compelling vehicle to incent cigarettedistributors and retailers to purchase and promote RED SUNcigarettes.

Positioned to compete with leading brands like Marlboro and Camel,RED SUN is a highly innovative cigarette designed to appeal toupscale, educated consumers while also winning the loyalty ofspecialty retailers and distributors who were instrumental inbuilding Santa Fe Natural Tobacco Company's Natural American Spiritbrand.

22nd Century's President and Chief Operating Officer, HenrySicignano III, explained, "While spearheading sales and marketingefforts at Santa Fe Natural Tobacco Company, I had opportunities totalk with and learn from hundreds of tobacconists who championedAmerican Spirit. Though they appreciated the sales and profitsafforded by American Spirit, these small business owners expressedto me widespread disappointment that they never had the opportunityto own equity in the brand or in Santa Fe Natural TobaccoCompany."

"22nd Century is changing all that," Mr. Sicignano continued."Through our Trade Partners Program we are offering retailers anddistributors an extraordinary opportunity to become 22nd CenturyGroup shareholders... and a strong incentive to grow RED SUN salesin 2015."

Many retailers who have committed to stocking 22nd Century productshave informed the Company that they have already purchased theCompany's common stock on the open market. 22nd Century's ChiefFinancial Officer, John Brodfuehrer explained, "We believe all ofthe retailers and distributors who are aware of the next phase inour Company's development -- especially pertaining to our modifiedrisk cigarettes in development -- are impressed that 22nd Centuryhas a mission of reducing the harm caused by smoking. Furthermore,tobacconists understand that there is a huge market demand for areduced risk combustible cigarette. We intend to meet thatdemand."

For additional information about 22nd Century Group, please visit:www.xxiicentury.com

About 22nd Century

Clarence, New York-based 22nd Century Group, Inc., through itswholly-owned subsidiary, 22nd Century Ltd, is a plantbiotechnology company using technology that allows for the levelof nicotine and other nicotinic alkaloids (e.g., nornicotine,anatabine and anabasine) in tobacco plants to be decreased orincreased through genetic engineering and plant breeding.

22nd Century reported a net loss of $26.2 million in 2013, a netloss of $6.73 million in 2012 and a net loss of $1.34 million in2011.

The Company's balance sheet at Sept. 30, 2014, showed $26.7 millionin total assets, $6.56 million in total liabilities, and $20.1million in total shareholders' equity.

The Bankruptcy Court confirmed the Debtor's Plan of Reorganizationon Sept. 26, 2014. Subsequently, the Debtor has made Plan paymentsto all classes of creditors in accordance with the Plan. Thus, thePlan has been substantially consummated as provided in Sec. 1101(2)of the Code. The case is ready to be closed, the Debtor asserts.

Payment in the amount of $12,999.12, representing amounts due theOffice of the United States Trustee on account of quarterly feesdue and owing through the 4th quarter of 2014 will be paid by theReorganized Debtor.

Metropolitan Commercial Bank is represented by Lee Attanasio,Esq., at Sidley Austin LLP, in New York.

ADVANCED MICRO: J. Byrne Quits as Business Group General Manager----------------------------------------------------------------John Byrne is no longer served as general manager, Computing andGraphics Business Group, or as a Section 16 officer, of AdvancedMicro Devices, Inc., effective Jan. 12, 2015, according to aregulatory filing with the U.S. Securities and Exchange Commission. He left the Company to pursue other opportunities.

Mr. Byrne will remain with the Company as an employee until March31, 2015, to assist with transition matters. Dr. Lisa T. Su,president and chief executive officer, will be acting in the roleof general manager, computing and graphics Business Group, as AMDconducts an external search for this role.

AMD incurred a net loss of $83 million on $5.29 billion of netrevenue for the year ended Dec. 28, 2013, as compared with a netloss of $1.18 billion on $5.42 billion of net revenue for the yearended Dec. 29, 2012.

As of Sept. 27, 2014, the Company had $4.32 billion in totalassets, $3.79 billion in total liabilities and $535 million intotal stockholders' equity.

* * *

In August 2013, Standard & Poor's Ratings Services revised itsoutlook on Advanced Micro Devices to negative from stable. At thesame time, S&P affirmed its 'B' corporate credit and seniorunsecured debt ratings on AMD.

In the Feb. 4, 2013, edition of the TCR, Moody's Investors Servicelowered AMD's corporate family rating to B2 from B1. Thedowngrade of the corporate family rating to B2 reflects AMD'sprospects for weaker operating performance and liquidity profileover the next year as the company commences on a multi-quarterstrategic reorientation of its business in the face of achallenging macro environment and a weak PC market.

AEMETIS INC: Sprott Inc. Reports 11.8% Stake as of Dec. 31----------------------------------------------------------Sprott Inc. and Sprott Private Credit Trust disclosed in aregulatory filing with the U.S. Securities and Exchange Commissionthat as of Dec. 31, 2014, they beneficially owned 2,431,373 commonshares of Aemetis, Inc., representing 11.8 percent of the sharesoutstanding. A copy of the Schedule 13G/A is available at:

Cupertino, Calif.-based Aemetis, Inc., is an internationalrenewable fuels and specialty chemical company focused on theproduction of advanced fuels and chemicals and the acquisition,development and commercialization of innovative technologies thatreplace traditional petroleum-based products and convert first-generation ethanol and biodiesel plants into advancedbiorefineries.

Aemetis reported a net loss of $24.43 million on $177.51 millionof revenues for the year ended Dec. 31, 2013, as compared with anet loss of $4.28 million on $189.04 million of revenues in 2012.

As of Sept. 30, 2014, the Company had $95.1 million in totalassets, $94.5 million in total liabilities and $647,000 in totalstockholders' equity.

Bankruptcy Warning

The Company said in the Annual Report for the year ended Dec. 31,2013, "The adoptions of new technologies at our ethanol andbiodiesel plants, along with working capital, are financed in partthrough debt facilities. We may need to seek additional financingto continue or grow our operations. However, generallyunfavourable credit market conditions may make it difficult toobtain necessary capital or additional debt financing oncommercially viable terms or at all. If we are unable to pay ourdebt we may be forced to delay or cancel capital expenditures,sell assets, restructure our indebtedness, seek additionalfinancing, or file for bankruptcy protection."

According to the Debtor, the revisions to the KEIP address theBankruptcy Court's earlier concerns, and were designed to achieve"above-and-beyond" performance from its eligible employees.

A summary of the Revised KEIP provides that:

-- Key employees may earn a bonus in the lesser amount of: (a) akey employee's respective share of 5% of the gross proceeds from asale transaction in excess of the $4 million floor; or (b) 75% ofsuch key employee's annual base salary.

-- Each key employee's respective share of the sale thresholdbonus is calculated as the percentage of such key employee's annualbase salary as compared to the total aggregate amount of all keyemployees' annual base salaries.

-- The maximum sale bonus that can be paid to key employees inthe aggregate is approximately $1.36 million. If the maximum bonusis earned, the debtor will have realized value from a saletransaction of at least approximately $31.22 million, which will besufficient (in the Debtor's view) to pay all creditors in full,and also provide recoveries to shareholders in excess ofapproximately $15 million.

-- The bonuses to be paid under the KEIP will be paid within 21days following the closing of a sale transaction to key employeeswho either (a) remain employed by the Debtor on the date of theclosing of the Sale Transaction, or (b) are involuntarilyterminated (x) without cause attributable to the employee prior tothe closing of such sale transaction, or (y) due to the keyemployee's death or Disability (as that term is defined in Section409A of the Internal Revenue Code of 1986).

-- The bonus payments under the KEIP will be paid only from theproceeds of the sale transaction, and only in the event that theDebtor receives at least approximately $2 million more than theLiquidation Value of its assets. The Debtor reserves its right tomake additional modifications to the Revised KEIP in advance of theHearing.

The Debtor, in its omnibus response to objections, stated that itsKEIP is a reasonable, value-enhancing bonus program specificallydesigned to incentivize the key employees to go above and beyondtheir ordinary job functions to achieve the best and highest pricepossible for the Debtor's assets. The modest bonuses to be paidunder the program are incremental to, and will only be paid from,value received by the Debtor through a sale of its assets under 11U.S.C. Sec. 363.

About Aereo, Inc.

With headquarters in Boston, Massachusetts, Aereo, Inc., is atechnology company that provided subscribers with the ability towatch live or "time-shifted" local over-the-air broadcasttelevision on internet-connected devices, such as personalcomputers, tablet devices, and "smartphones." Aero provided toeach subscriber access, via the internet, to individual remote ormicro-antennas and a cloud-based DVR, which were maintained by theDebtor in facilities within the local market.

Aereo, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. CaseNo. 14-13200) in Manhattan, New York, on Nov. 20, 2014. TheChapter 11 filing came five months after the U.S. Supreme Courtruled the Debtor, with respect to live or contemporaneoustransmissions, was essentially performing as a traditional cablesystem under the Copyright Act, and thus was violatingbroadcasters' copyrights because it wasn't paying broadcasters anyfees.

The Debtor has tapped William R. Baldiga, Esq., at Brown RudnickLLP, in New York, as counsel. The Debtors has also engaged ArgusManagement Corp. to provide the services of Lawton W. Bloom as CROand Peter Sullivan and Scott Dicus as assistant restructuringofficers. Prime Clerk LLC is the claims and notice agent.

The Debtor disclosed $22.2 million in assets and $2.78 million inliabilities as of the Chapter 11 filing.

AEROVISION HOLDINGS: Wins Dismissal of Bankruptcy Case------------------------------------------------------Aerovision Holdings 1 Corp. obtained an order from the BankruptcyCourt dismissing its bankruptcy case effective as of Jan. 6, 2015,with prejudice as to the filing of any bankruptcy case for 180days.

As reported in the Dec. 11, 2014 edition of the Troubled CompanyReporter, the Debtor told the Court that through two separatemediation procedures, it has successfully negotiated and settledall pending disputes with its creditors and disposition of thevarious aircraft has been determined. Since the aircraft are thesole assets of the estate, the Debtor has decided that, in itsbusiness judgment, the continued maintenance of the case is nolonger necessary.

ALSIP ACQUISITION: Hires McGladrey LLP as Tax Accountant--------------------------------------------------------Alsip Acquisition, LLC and APCA, LLC seek permission from the U.S.Bankruptcy Court for the District of Delaware to employ McGladrey,LLP as tax accountant.

The Debtors require McGladrey LLP to prepare and file the Debtors'and the estate's federal and state taxes for the years 2014 and2015, including preparation of all supporting working papers andadditional forms, such as Form 8594 and required informationreturns to be included with the Federal and state income taxreturns.

McGladrey has agreed to prepare the tax forms identified in the Engagement Letter for $43,400; $19,700 of this amount isattributable to 2014 tax forms and $13,700 is attributable to 2015tax forms. The remaining $10,000 amount is attributable to mattersrelating to the sale and cancellation of debt obligations,including the sales price allocation to be reported on Form 8594,computation of tax basis of the assets, and all filings orexemption forms related to nonresident withholding requirements.

In addition to these amounts, McGladrey is entitled toreimbursement for out-of-pocket expenses. Consistent with theseamounts, the Lender has consented to a line-item for McGladrey of$45,000 in the Agreed Budget, which amount will be fully funded bythe Lender at the closing of the contemplated sale of the Debtors'assets.

Alsip Acquisition, LLC and APCA, LLC were the leading NorthAmerican provider of responsibly made recycled paper for books andmagazines, as well as for commercial printing and packagingapplications. The operational and manufacturing headquarters arelocated in Alsip, Illinois, and consist of a 40-year-old mill and aleased warehouse in Alsip, Illinois. The mill and warehouse wereidled in September 2014 following cash losses. Most of Alsip'sstock is owned by FutureMark Holdings, LLC.

On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitionsseeking relief under chapter 11 of the United States BankruptcyCode. The Debtors' cases have been assigned to Judge Kevin J.Carey (KJC). The cases have been jointly administered, withpleadings maintained on the case docket for Case No. 14-12596.

As of Oct. 31, 2014, the Debtors had $7.74 million of fundedindebtedness and related obligations outstanding.

The goal of the Debtors is to consummate the sale of the assets toResolute FP Illinois LLC pursuant to an asset purchase agreement oranother bidder pursuant to the bid procedures. In addition, theDebtors intend to vacate their leased locations in Connecticut andNew Jersey, liquidate their other assets, and distribute anyproceeds pursuant to the claims process established by theBankruptcy Code.

ALSIP ACQUISITION: Panel Hires Goldstein & McClintock as Counsel----------------------------------------------------------------The Official Committee of Unsecured Creditors of Alsip Acquisition,LLC and APCA, LLC seeks authorization from the U.S. BankruptcyCourt for the District of Delaware to retain Goldstein & McClintockLLLP as counsel to the Committee, nunc pro tunc to Dec. 4, 2014.

The Committee requires Goldstein & McClintock to:

(a) advise the Committee on all legal issues as they arise;

(b) represent and advise the Committee regarding the terms of any sales of assets or plans of reorganization or liquidation, and assisting the Committee in negotiations with the Debtors and other parties;

(c) investigate the Debtors' assets and pre-bankruptcy conduct;

(d) prepare, on behalf of the Committee, all necessary pleadings, reports, and other papers;

(e) represent and advise the Committee in all proceedings in these Chapter 11 Cases;

(f) assist and advise the Committee in its administration; and

(g) provide such other services as are customarily provided by counsel to a creditors' committee in cases of this kind.

Goldstein & McClintock will also be reimbursed for reasonableout-of-pocket expenses incurred.

Matthew E. McClintock, partner of Goldstein & McClintock, assuredthe Court that the firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.

Alsip Acquisition, LLC and APCA, LLC were the leading NorthAmerican provider of responsibly made recycled paper for books andmagazines, as well as for commercial printing and packagingapplications. The operational and manufacturing headquarters arelocated in Alsip, Illinois, and consist of a 40-year-old mill and aleased warehouse in Alsip, Illinois. The mill and warehouse wereidled in September 2014 following cash losses. Most of Alsip'sstock is owned by FutureMark Holdings, LLC.

On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitionsseeking relief under chapter 11 of the United States BankruptcyCode. The Debtors' cases have been assigned to Judge Kevin J.Carey (KJC). The cases have been jointly administered, withpleadings maintained on the case docket for Case No. 14-12596.

As of Oct. 31, 2014, the Debtors had $7.74 million of fundedindebtedness and related obligations outstanding.

The goal of the Debtors is to consummate the sale of the assets toResolute FP Illinois LLC pursuant to an asset purchase agreement oranother bidder pursuant to the bid procedures. In addition, theDebtors intend to vacate their leased locations in Connecticut andNew Jersey, liquidate their other assets, and distribute anyproceeds pursuant to the claims process established by theBankruptcy Code.

ALSIP ACQUISITION: Panel Taps GlassRatner as Financial Advisor--------------------------------------------------------------The Official Committee of Unsecured Creditors of Alsip Acquisition,LLC and APCA, LLC seeks authorization from the U.S. BankruptcyCourt for the District of Delaware to retain GlassRatner Advisory &Capital Group LLC as financial advisor to the Committee, nunc protunc to Dec. 8, 2014.

The Committee requires GlassRatner to:

(a) assist the Committee and counsel to the Committee in reviewing and evaluating the Debtors' business plan and associated financial projections; (b) assist the Committee to evaluate proposed sales and leases that the Debtors propose to enter into or engage in;

(c) assist the Committee and counsel to the Committee in reviewing and evaluate the Debtors' liquidation analysis;

(d) assist the Committee and counsel to the Committee in analyzing preference and other avoidance actions;

(e) attend Bankruptcy Court hearings as necessary;

(f) attend and participate in meetings with the Committee and counsel to the Committee as necessary; and

(g) assist with such other matters as may be requested that fall within GlassRatner's expertise and that are mutually agreeable.

In addition, from time to time, it will be necessary for otherGlassRatner professionals to provide services to the Committee.GlassRatner will attempt to use a maximum blended rate of $375-$400for this engagement.

GlassRatner will also be reimbursed for reasonable out-of-pocketexpenses incurred.

Evan Blum, principal of GlassRatner, assured the Court that thefirm is a "disinterested person" as the term is defined in Section101(14) of the Bankruptcy Code and does not represent any interestadverse to the Debtors and their estates.

Alsip Acquisition, LLC and APCA, LLC were the leading NorthAmerican provider of responsibly made recycled paper for books andmagazines, as well as for commercial printing and packagingapplications. The operational and manufacturing headquarters arelocated in Alsip, Illinois, and consist of a 40-year-old mill and aleased warehouse in Alsip, Illinois. The mill and warehouse wereidled in September 2014 following cash losses. Most of Alsip'sstock is owned by FutureMark Holdings, LLC.

On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitionsseeking relief under chapter 11 of the United States BankruptcyCode. The Debtors' cases have been assigned to Judge Kevin J.Carey (KJC). The cases have been jointly administered, withpleadings maintained on the case docket for Case No. 14-12596.

As of Oct. 31, 2014, the Debtors had $7.74 million of fundedindebtedness and related obligations outstanding.

The goal of the Debtors is to consummate the sale of the assets toResolute FP Illinois LLC pursuant to an asset purchase agreement oranother bidder pursuant to the bid procedures. In addition, theDebtors intend to vacate their leased locations in Connecticut andNew Jersey, liquidate their other assets, and distribute anyproceeds pursuant to the claims process established by theBankruptcy Code.

ANACOR PHARMACEUTICALS: Has Option to Extend Balzer Family Lease----------------------------------------------------------------Anacor Pharmaceuticals, Inc., entered into a sixth amendment to theCompany's lease with Balzer Family Investments, L.P., relating tooffice and laboratory space leased by the Company in Palo Alto,California. The Lease is currently scheduled to expire on Dec. 31, 2015, according to a regulatory filing with the U.S.Securities and Exchange Commission.

Pursuant to the Amendment, the Lessor granted to the Company twoone-year options to extend the term of the Lease through December2016 and December 2017 and one three-month option to extend theterm of the Lease through March 2018. The Company did not make anypayment to the Lessor in connection with the Amendment.

The Company disclosed it will be conducting investor meetingsduring the week of Jan. 12, 2015. At those meetings,representatives of the Company may note that the Company recentlycompleted two two-year carcinogenicity studies for AN2728 and thatneither study identified any evidence of AN2728-relatedmalignancies.

About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is abiopharmaceutical company focused on discovering, developing andcommercializing novel small-molecule therapeutics derived from itsboron chemistry platform. Anacor has discovered eight compoundsthat are currently in development. Its two lead productcandidates are topically administered dermatologic compounds -tavaborole, an antifungal for the treatment of onychomycosis, andAN2728, an anti-inflammatory PDE-4 inhibitor for the treatment ofatopic dermatitis and psoriasis.

The Company's balance sheet at Sept. 30, 2014, showed $159 millionin total assets, $90.23 million in total liabilities, $4.95 millionin redeemable common stock and $63.4 million in total stockholders'equity.

For the nine months ended Sept. 30, 2014, the Company reported anet loss of $77.02 million on $11.04 million of total revenuescompared to a net loss of $46.0 million on $8.74 million of totalrevenues for the same period in 2013.

(a) advise the Debtor regarding its powers and duties and debtor-in-possession in the continued management and operation of its affairs and properties;

(b) represent the Debtor in proceedings or hearings before this

Court involving matters of bankruptcy law;

(c) attend meetings and negotiate with creditors and other parties-in-interest;

(d) take necessary actions to protect and preserve the Debtor's

estate, including motion practice before this Court, negotiate on behalf of the Debtor with respect to claims, and object to claims that are filed against the Debtor's estate;

(e) prepare all motions, applications, orders, reports, and papers on behalf of the Debtor that necessary to the administration of this Chapter 11 case;

(f) represent the Debtor in connection with any proceedings relating to any potential sale or refinancing of assets;

(g) prepare the Debtor's plan and disclosure statement and advise and assist the Debtor in connection with the confirmation and consummation of any such plan; and

(h) perform other and further services as typically may be rendered by counsel for a debtor in a Chapter 11 case.

Prior to the petition date, Irell & Manella received $125,000 as aretainer to secure the payment of the allowed fees and costs in theDebtor's case.

As of the petition date the remaining balance of the retainer was$85,000.

Alan J. Friedman, partner of Irell & Manella, assured the Courtthat the firm is a "disinterested person" as the term is defined inSection 101(14) of the Bankruptcy Code and does not represent anyinterest adverse to the Debtors and their estates.

This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend. Thismeeting of creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors.

ASCEND LEARNING: Moody's Affirms B3 CFR Following New Add-on Loan-----------------------------------------------------------------Moody's Investors Service affirmed the ratings of Ascend Learning,LLC, including the B3 Corporate Family Rating and B3-PD Probabilityof Default Rating, following the announcement of a proposedincremental $40 million term loan. Concurrently, Moody's affirmedthe B2 ratings on the company's senior secured revolving creditfacility and upsized senior secured term loan, as well as the Caa2rating on the company's $125 million second lien term loan. Theratings outlook has been changed to stable from negative.

Proceeds from the proposed add-on term loan of $40 million, alongwith cash on hand, will be used to finance the acquisition of aU.S. based provider of medical education management solutions forapproximately $50 million, as well as pay related fees andexpenses.

While the transaction increases funded debt by $40 million, nomaterial increase in leverage is anticipated on a pro-forma basis.The use of the incremental term loan preserves the company'sliquidity, including a cash balance currently expected to bemaintained over $20 million pro-forma for the close of thetransaction and the company's $40 million revolver remainingundrawn.

The change in outlook to stable from negative, notwithstanding theincrease in funded debt levels, reflects the continued improvementin operating performance coupled with the maintenance of a goodliquidity profile. The outlook change further reflects Moody'sexpectation for a reduction in leverage in the coming year, fromover 7 times currently to near 6.5 times adjusted debt to EBITDA(inclusive of Moody's standard adjustment).

The following rating actions were taken (LGD point estimates aresubject to change and all ratings are subject to the execution ofthe transaction as currently proposed and Moody's review of finaldocumentation):

$125 million second lien term loan, affirmed at Caa2, LGD to (LGD6)from (LGD5);

Outlook changed to stable from negative.

Ratings Rationale

Ascend's B3 corporate family rating continues to reflect its highfinancial leverage, weakened interest coverage, and high capitalspending requirements that constrain free cash flow generation. Therating also captures the company's small scale, persistently highfunded debt levels which remain well in excess of revenue, andtrack record of aggressive financial policies given its history ofdebt financed dividends and acquisitions. Ascend's high leveragereduces its financial flexibility as well as ability to withstandchanges to the competitive environment. Notwithstanding theseconcerns, the rating predominantly derives support by the company'sdemonstrated ability to strengthen operating performance, goodliquidity profile and cash flow generation trends. The ratingfavorably considers Ascend's primary focus on providing learningsolutions for healthcare related fields, which are projected toexperience higher than average employment growth over the next fewyears. The rating is also supported by the company's establishedposition within its niche verticals, good operating margins, thesubscription like-nature of its revenue, and the diversity of itscustomer base.

The stable outlook reflects the expectation for continuedimprovement in operating performance and a reduction in leverage,coupled with the maintenance of a good liquidity profilehighlighted by positive free cash flow, cash balances in excess of$20 million, and full availability under the company's revolvingcredit facility.

Moody's could downgrade the ratings if debt to EBITDA remainsmaterially over 7.0 times or if the company's liquidity situationdeteriorates, demonstrated by reduced cushion under financialcovenants, depleting cash balances or operating cash flow declines.Ratings could also be downgraded should the company engage inadditional shareholder enhancement initiatives such as dividends oradditional debt funded acquisitions.

While a ratings upgrade is unlikely in the near-term, Moody's couldupgrade the rating if the company demonstrates continued top linegrowth, consistent positive free cash flow and maintains aconservative financial policy with regards to shareholderenhancement initiatives. Quantitatively, the ratings could beupgraded if debt to EBITDA (Moody's adjusted) sustainablyapproaches 5.0 times through a combination of earnings growth anddebt reduction, EBITDA less capital expenditures to interestexceeds 1.75 times, and free cash flow is in the high single-digitrange as a percentage of debt.

The principal methodology used in these ratings was Business andConsumer Service Industry published in December 2014. Othermethodologies used include Loss Given Default for Speculative-GradeNon-Financial Companies in the U.S., Canada and EMEA published inJune 2009.

Headquartered in Burlington, Massachusetts, Ascend Learning, LLCprovides technology-based learning solutions and educationalcontent for healthcare and other vocational fields. Revenue for thelast twelve month period ended September 30, 2014 was approximately$290 million. The company is majority owned by affiliates ofProvidence Equity Partners.

In support of its request, the Debtor states that it will sufferimmediate and irreparable harm if it is not authorized to use cashcollateral. The Debtor adds that without the use of cashcollateral to pay ongoing operating expenses, it will be requiredto discontinue its business operations, which would cause immediateand irreparable harm not only to the Chapter 11 estate but to thepotential recovery of creditors.

The Debtor owns real property located at 625 Auburn Circle W., inDelray Beach, Florida. The Debtor's prepetition secured creditor,Iberia Bank, has a claim of approximately $4,221,557. The Debtoragrees to grant Iberia Bank replacement liens on postpetitionassets to the extent its prepetition collateral is diminished bythe Debtor’s use of cash collateral.

BAXANO SURGICAL: Files Schedules of Assets and Debt---------------------------------------------------Baxano Surgical Inc. filed with the U.S. Bankruptcy Court for theDistrict of Delaware of its schedules of assets and liabilitiesdisclosing:

Based in Raleigh, North Carolina, Baxano Surgical Inc. develops,manufactures and markets minimally invasive medical productsdesigned to treat degenerative conditions of the spine affectingthe lumbar region. As of March 31, 2013, over 13,500 fusionprocedures and 7,000 decompression procedures have been performedglobally using its products.

The Debtor estimated $10 million to $50 million in assets anddebt. The formal schedules of assets and liabilities andstatement of financial affairs are due Dec. 1, 2014.

The Debtor has tapped John D. Demmy, Esq., at Stevens & Lee, P.C.,in Wilmington, Delaware, as bankruptcy counsel. The Debtor isalso employing the law firm of Goodwin Proctor LLP as specialcounsel, and the law firm of Hogans Lovell as special healthcareregulatory counsel. The Debtor is engaging Tamarack Associatesto, among other things, provide John L. Palmer as CRO. HoulihanLokey is serving as the Debtor's investment banker. RustConsulting Omni is the claims and noticing agent.

The Chapter 11 plan and disclosure statement are due March 12,2015.

BIOLIFE SOLUTIONS: Estimates $1.8 Million Revenue for Q4--------------------------------------------------------BioLife Solutions, Inc., announced preliminary revenue for thefourth quarter and full year 2014 and a recap of operationalaccomplishments.

Revenue in the fourth quarter of 2014 was $1.8 million, includingsales of the Company's proprietary biopreservation media products,which grew to $1.5 million. This represents 21% growth over thesame period in 2013. In Q4, the Company also recorded $0.3 millionin revenue from contract manufacturing.

For the year, the Company recorded preliminary total revenue of$6.3 million, including $4.9 million in proprietary productrevenue, which represents year over year growth of 25%. In 2014,the Company also recorded $1.4 million in revenue from contractmanufacturing customers.

Mike Rice, BioLife President & CEO, remarked on the Company'sperformance in 2014 by stating, "2014 was a very strong year duringwhich we experienced rapid acceleration of product adoption in theregenerative medicine space, especially by customers in the growingand exciting cellular immunotherapy space. In 2014 we alsotransformed the Company's financial position, strengthening ourbalance sheet by successfully raising $15.4 million, which resultedin $13.6 in net proceeds, and eliminating all of our debt. Thisenabled us to uplist BioLife stock to the NASDAQ Capital Market. Finally, we formed our biologistex CCM joint venture with SAVSUTechnologies to strengthen our products and services offering andour position as a premier tools provider to the biobanking, drugdiscovery, and regenerative medicine markets."

2014 Operations Highlights:

Product Adoption:

Management believes that at the end of 2014, BioLife'sHypoThermosol cell and tissue storage/shipping media and CryoStorcryopreservation freeze media were incorporated in the cellmanufacturing, storing, shipping, freezing, and clinical deliveryprocesses of approximately 175 regenerative medicine clinicaltrials. This is a significant increase in adoption in 2014, duringwhich management believes the Company's products were incorporatedinto an additional 75 clinical trials.

The Roots Analysis market research report titled Dendritic Cell andCAR-T Therapies, 2014 - 2024, published in November 2014, estimatesthat the cellular immunotherapies market could grow to $4 billionby 2024. BioLife's addressable share of this market is attributedto the demand for biopreservation media and controlled temperatureshipping containers.

biologistex Joint Venture with SAVSU Technologies

In September 2014, the Company formed biologistex CCM, a jointventure with SAVSU Technologies, to market, fulfill, and supportrentals of SAVSU's EVO smart shipping containers. biologistex willbe a branded, cloud-hosted Software as a service (SaaS)subscription business model where customers access a secureweb-based application used to manage and monitor critical locationand payload environmental data for shipments of temperaturesensitive biologics, including manufactured cell products used inregenerative medicine clinical trials.

BioLife will exhibit the EVO shipper and the biologistex web-basedapplication at the Phacilitate Cell & Gene Forum, Jan. 26 - 28,2015, at the Grand Hyatt in Washington, DC.

Cash Management

The Company's ended the year with cash and investments of $10million, with cash burn in Q4 of approximately $1 million. Keyinvestments since the March 2014 equity raise included additionalheadcount in sales and marketing, investments in the biologistexCCM joint venture, and improving key supplier relationships byreducing payables.

Brixmor Property Group (NYSE: BRX) is a self-managed retail realestate investment trust that owns and operates 522 propertiesaggregating 87 million square feet of GLA across the top 50 USmetro markets.

Brixmor OP's Baa3 rating reflects the following credit strengths: asolid fixed charge coverage, a well-diversified portfolio bygeography and tenant, and a well-established national platform withseasoned executive and regional management. These credit strengthsare offset by Brixmor's relatively modest unencumbered asset pool,and high secured debt and leverage levels. The rating assumes thatBrixmor OP, Brixmor Property Group and its current owners willmaintain the company and its capital structure as a traditionalinvestment grade REIT. Brixmor OP does not guarantee the BrixmorLLC notes; however, the ratings upgrade reflects that this is astrategic subsidiary for Brixmor OP as it owns key propertieswithin the consolidated Brixmor family. Brixmor LLC's ratings willbe withdrawn once the majority of its bonds mature in 2015.

Brixmor OP has solid liquidity. The REIT has a $1.25 billionrevolving credit facility due in 2017 with a one year extensionoption. As of September 30, 2014, there was approximately $980million available on its line. Brixmor OP has positive cash flowfrom operations and manageable near-term debt maturities, withapproximately $848 million coming due in 2015 and $1.26 billion in2016. Brixmor OP is expected to fund these maturities throughunsecured bonds, the credit facility, and cash flow fromoperations. Brixmor's unencumbered asset pool is small for theexisting rating category at 51% of gross assets as of 3Q14.However, Moody's expects this metric to increase materially as thecompany continues to pay down secured debt. FFO payout isconsidered strong at 43% at 3Q14, providing additional financialflexibility.

Brixmor OP's effective leverage (debt plus preferred over grossassets) of 54% and net debt/EBITDA of 7.1x at 3Q14 are high for theexisting rating category. Moody's expect the company to deleverageits balance sheet materially over the intermediate term. Brixmor OPmaintains a high level of secured debt (29% at 3Q14) relative tosimilarly rated REITs, however, Moody's expects this metric todecline as the company continues to pay down secured debt.

Brixmor Property Group has a diverse franchise in the U.S. retailreal estate business, focused principally on owning and operatingnecessity-based neighborhood and community shopping centers.Brixmor operates all the U.S. regional retail shopping centerproperties from its New York City headquarters and three regionaloffices. The portfolio is the largest landlord to many of the topten national retailers in its portfolio, which includesapproximately 5,600 tenants, and is exhibiting consistentlystronger operating performance with Brixmor producing 3.9% sameproperty NOI growth for 3Q14 vs. 3Q13 primarily due to growth inrental income. Brixmor's focus on grocery and discount storeanchored shopping centers enhances cash flow stability. Brixmor'sportfolio was 92.7% leased at 3Q14, up 60 basis points from 3Q14.

Brixmor OP's EBITDA margins are strong at 69% as of 3Q14. Due toincreased revenue, lease spreads, and occupancy, Brixmor OP's fixedcharge coverage has been 3.1x the past few quarters. The companyhas minimal exposure to development and joint ventures, a creditpositive.

Although upward rating movement is unlikely in the medium term forBrixmor OP, a future rating upgrade would reflect secureddebt/gross assets approaching 10%; unencumbered assets closer to60%; net debt/EBITDA approaching 6x; leverage less than 50%; and asubstantial reduction/simplification in organizational ownershipand structure. A downgrade would result from an increase in secureddebt; no increase in unencumbered assets from the current period(3Q14 at 51%); net debt/EBITDA above current levels (7.1x at 3Q14);leverage over 55%; or, any reversal in the REIT's commitment tounsecured debt or to reduce corporate and structural complexity.

Rating improvement for Brixmor LLC would be contingent uponcontinued strengthening of its credit profile and furtherconsolidation within the Brixmor Operating Partnership LP corporatestructure. Negative rating pressure would result from anydeterioration in Brixmor LLC's credit profile and lack ofstructural consolidation.

The last rating action for Brixmor Operating Partnership LP was onMay 13, 2014 when Moody's assigned a Baa3 issuer rating with astable outlook. The last rating action for Brixmor LLC was onFebruary 4, 2013 when Moody's upgraded the unsecured debt to B3with a stable outlook.

Brixmor Operating Partnership, L.P., the operating partnership tothe Brixmor Property Group REIT (NYSE: BRX) is a retail REIT thathas a diverse franchise in the U.S. retail real estate business,focused principally on owning and operating necessity-basedneighborhood and community shopping centers. As of September 30,2014, Brixmor had total book assets of $9.8 billion and totalequity of $3 billion.

Brixmor LLC had total book assets of $4 billion and total equity of$2.8 billion at September 30, 2014.

The principal methodology used in these ratings was Global RatingMethodology for REITs and Other Commercial Property Firms publishedin July 2010.

BUCKSKIN REALTY: Judge Won't Change Filing Time of Ch.11 Petition-----------------------------------------------------------------New York Bankruptcy Judge Nancy Hershey Lord tossed the request ofa debtor to change the time of the filing of its Chapter 11petition to avoid a foreclosure sale.

On the afternoon of Jan. 8, 2013, Buckskin Realty filed a voluntaryChapter 11 petition (Bankr. E.D.N.Y. Case No. 13-40083), listingunder $1 million in both assets and liabilities. The filingoperated as a stay of actions against the Debtor, pursuant to 11U.S.C. Sec. 362(a). The Debtor and Rey Olsen, the Debtor'sprincipal and a pro se creditor, asked the Court to deem thePetition retroactively filed, because they seek to void aforeclosure sale that occurred on the morning of the filing date. They argue that excusable neglect and inaccessibility of theClerk's Office, under Rules 60(b), 6(b), and 6(a)(3) of the FederalRules of Civil Procedure (the "Rules") and Rule 9006 of the FederalRules of Bankruptcy Procedure justify relief.

The Court disagrees. To the extent that the relief requested ispredicated on a retroactive change in the filing date, the Debtorand Olsen's motions are denied, Judge Lord said.

The Debtor's primary assets consist of two lots of unimproved landlocated in a gated community in Windham, New York. The propertieswere the subject of a state court foreclosure action brought by thecommunity homeowners association, Windmont Home Owners Association,Inc.

The HOA obtained a judgment of foreclosure, and a referee wasappointed to conduct a sale of the Property. Olsen, aware of thesale scheduled for January 8, 2013 at 10:00 a.m. at the GreeneCounty Courthouse in Catskill, New York, asserts that he intendedto arrive at the U.S. Bankruptcy Court for the Eastern District NewYork, 271 Cadman Plaza East, Brooklyn, New York by 9:30 a.m. tofile a bankruptcy petition on behalf of the Debtor and obtain thebenefit of the automatic stay. But Olsen did not arrive in time tostop the sale. The Office of the Clerk of the Court, U.S.Bankruptcy Court, Eastern District of New York time-stamped thePetition "received" at 12:38 p.m. and entered the Petition on theCourt's Case Management/Electronic Case Files docket at 12:46:06p.m., more than two hours after the sale was conducted and theProperty sold to the HOA.

The Debtor and Olsen asked the Court to regard the Petition ashaving been filed earlier than 10:00 a.m. on January 8, 2013,thereby granting the Debtor the benefit of the automatic stay priorto the foreclosure sale.

Edward Kaplan, the state court referee; Allyson M. Phillips, Esq.and Young/Sommer LLC, Attorneys to the HOA in the foreclosureaction; and the HOA, Ed Lieto, Eva Halpern, and Cathy Hennessy,oppose the motions.

"The Court denies the Movants' request to deem the Petition filedat an earlier time, and holds that the foreclosure sale did notviolate the automatic stay, because it occurred prior to the filingof the Petition," Judge Lord said.

A copy of Buckskin Realty's Chapter 11 Petition is available at noextra charge at http://bankrupt.com/misc/nyeb13-40083.pdf The Debtor is represented in the case by Frank Castiglione, Esq., atPalmieri and Castiglione, P.C.

CAESARS ENTERTAINMENT: Appaloosa Wants Probe on Transactions------------------------------------------------------------Appaloosa Investment Limited Partnership I, OCM Opportunities FundVI, L.P. and Special Value Expansion Fund, LLC, ask the U.S.Bankruptcy Court for the District of Delaware for an orderappointing an examiner to investigate and report on a series ofprepetition insider transactions by which the parent of debtorCaesars Entertainment Operating Company, Inc. systematicallystripped the Debtor of many billions of dollars of assets and cashin the 15 months prior to bankruptcy.

Appaloosa, et al., request that the examiner be granted authorityto (a) review all relevant documents and information, includingmaterial that may be subject to a privilege held by any of theDebtors, and (b) include all such information in the examiner'sreport to the extent appropriate under the circumstances.

Counsel for the Petitioning Creditors, Robert F. Poppiti, Jr.,Esq., at Young Conaway Stargatt & Taylor, LLP, explains thatAppaloosa, et al., filed the involuntary bankruptcy case on theheels of a series of suspicious transactions in which insidersplundered many billions of dollars of value from the Debtor. Thosetransactions, which resulted in five separate lawsuits now pendingin Delaware and New York courts, ensured that the Debtor could notpay its debts and eventually would wind up seeking bankruptcyrelief. There is no question that the legitimacy of thetransactions will be the single most important issue in this case.

Mr. Poppiti notes that in similar situations in recent largechapter 11 cases, including those involving the Dynegy companiesand the Residential Capital debtors who filed under a cloud ofsuspicion resulting from prepetition insider dealing, bankruptcycourts have not hesitated to appoint examiners in the first weeksof the chapter 11 proceedings. The Petitioning Creditors urge theCourt to do the same here. Absent the appointment of an examiner,the case will be mired in litigation for the foreseeable future,with no reasonable prospect of consensus or reorganization.

Specifically, the appointment of a disinterested and impartialexaminer is necessary to investigate and report on multipletransactions between the Debtor and insiders, most of whichoccurred during the past fifteen months and all of which wereconsummated during applicable reach back periods for fraudulenttransfers. All were transacted under the cloak of secrecy, withlittle or no disclosure of material facts, and without any apparentattempt to market test their value. All were consummated withoutmeaningful independent review of the transfers, and the Debtor'sboard, dominated by its controlling shareholders, was hopelesslyconflicted, and without a single independent director. Nothingshort of the appointment an examiner, and one vested withunfettered access to the facts underlying these transfers, willuncover the truth.

The transactions fall into three general categories: (a) transfersof valuable assets to insiders for inadequate or no consideration,without the benefit of any marketing process, occurring when theDebtor had no independent directors; (b) direct payments ofhundreds of millions of dollars to insiders; and Cc) other actionstaken by the Debtor for the benefit of insiders resulting in harmto the Debtor. They include:

1) The transfer to subsidiaries of the Debtor's parent company(Caesars Entertainment Corporation, or "Caesars Parent") ofvaluable trademarks, with a book value of $45 million, for noapparent consideration.

2) The transfer to Caesars Parent, for no apparentconsideration, of the Debtor's indirect ownership interest in anonline gaming business (Caesars Interactive Entertainment, Inc., or"Caesars Interactive") which was ascribed a value of as much as$779 million in 2013.

3) The transfer to a newly-formed affiliate (CaesarsEntertainment Resort Properties, or "Caesars Resort") of twoproperties -- a luxury tower for high-end guests of Caesars Palaceand a newly constructed shopping, dining and entertainment district-- for just $600 million, an unreasonably low sum given that theDebtor had just paid at least $750 million to construct theproperties.

4) The transfer to another newly-formed affiliate (CaesarsGrowth, LLC, or "Caesars Growth") of two more properties, one inLas Vegas (Planet Hollywood) and the other under construction inBaltimore (the Horseshoe Baltimore), along with 50% of themanagement fees and other valuable rights under a "ManagementServices Agreement" relating to those properties, for anunreasonably low price of $360 million.

5) The transfer to Caesars Growth of four valuable destinationproperties, three in Las Vegas (The Quad, The Cromwell, and Bally'sLas Vegas) and a fourth located in New Orleans (Harrah's NewOrleans), along with 50% of the management fees payable to theDebtor for those properties, for an unreasonably low price of $2billion.

6) The transfer to yet another newly-formed affiliate (CaesarsEnterprise Services, LLC, or "Caesars Services"), for no apparentconsideration, of ownership and control of perhaps the Debtor'smost valuable asset -- the intellectual property and datacomprising the "proprietary and industry leading" customer-loyaltyprogram known as Total Rewards.

7) The sham sale of 5% of the Debtor's common stock toundisclosed investors for $6.15 million.

8) The repayment of unsecured notes held by insider CaesarsGrowth that were not scheduled to mature for a full year andcarried a favorable low interest rate (5.625%) far below that ofthe new debt incurred by the Debtor to obtain funds to repay theexisting notes (9.8%). The Debtor repaid the insider debtnotwithstanding its purported need for liquidity, which wasrepeatedly offered as justification for the insider transfers toCaesars Resort and Caesars Growth.

9) The agreement to pay $155 million to certain holders ofunsecured "Legacy Notes," but not others, coupled with theagreement of those selected holders to amend the governingindentures to eliminate the guarantee of Caesars Parent for thedebt.

10) The "repayment" to Caesars Parent of unsecured, low-interestintercompany obligations, including apparent payments of $285.4million during the first nine months of calendar year 2014 prior tomaturity.

11) The repurchase last month of $16.5 million in outstanding PIKToggle Notes, guaranteed by Caesars Parent, that were not scheduledto mature until 2018. The Debtor paid 103.5 cents on the dollardespite the fact that the PIK Toggle Notes were trading at lessthan 17 cents on the dollar at the time. It has been reported that$4 million of the PIK Toggle Notes were owned by Caesars Parent orother insiders.

12) The closure in August 2014 of the Showboat Atlantic Citycasino and resort despite the positive EBITDA generated by theproperty, redirecting customers of the Debtor to a competingproperty owned by insider Caesars Resort.

According to Mr. Poppiti, these insider transactions stripped theDebtor of most of its valuable income-generating assets andhundreds of millions of dollars of cash, leaving the Debtorburdened with massive debt that cannot be repaid. They are thesubject of a lawsuit (the "Delaware Action") filed on Aug. 4, 2014by Wilmington Savings Fund Society, FSB ("WSFS"), the indenturetrustee for $3.7 billion in Second Lien Notes, challenging many ofthe transactions as avoidable fraudulent transfers, breaches offiduciary duty, and waste. Other lawsuits have since been filed,two by holders of "Legacy Notes" who were not among the selectedholders allowed to participate in the insider transactionpurporting to eliminate the guarantee of Caesars Parent and anotherby UMB Bank, as indenture trustee for the 8.5% Senior Secured Notesdue 2020, alleging fraudulent transfers and breaches of fiduciaryduty and seeking appointment of a receiver.

At least parts of those actions are now stayed. According to Mr.Poppiti, with the commencement of this case, the PetitioningCreditors and all unsecured creditors are entitled to theappointment of an impartial and disinterested examiner charged withinvestigating the Debtor's insider transactions. The examiner'sinvestigation and report will be of value to the Court, creditorsand other parties in interest, not only to identify and provide anobjective evaluation of the merits of potential estate causes ofaction (including those asserting in the prepetition actions) butalso in moving the case forward. Indeed, at least while the Debtorremains under the control of the same insiders who orchestrated andapproved the transactions at issue, progress will be impossiblewithout a thorough independent examination.

Mr. Poppiti tells the Court that the Petitioning Creditors have nodesire to delay a reorganization in this case or impose unnecessaryexpense. To that end, they propose that the Court order theexaminer to promptly file a work plan, and to generate a report assoon as reasonably practicable. Finally, so that the examiner willhave a full and complete understanding of the transactions to beinvestigated, the Petitioning Creditors request that the Courtgrant the examiner unfettered access to documents and informationthat may be subject to any privilege held by the Debtor or any ofits subsidiaries (including the attorney-client privilege andwork-product protection) and authorize the examiner to include suchinformation in the examiner's report.

The bondholders are represented by Robert S. Brady, Esq., at Young,Conaway, Stargatt & Taylor, LLP.

In January 2015, Caesars Entertainment and subsidiary CEOCannounced that holders of more than 60% of claims in respect ofCEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% seniorsecured notes due 2020 and CEOC's 9% senior secured notes due 2020have signed the Amended and Restated Restructuring Support andForbearance Agreement, dated as of Dec. 31, 2014, among CaesarsEntertainment, CEOC and the Consenting Creditors. As a result, theRSA became effective pursuant to its terms as of Jan. 9, 2015.

CAESARS ENTERTAINMENT: Appaloosa, et al., Defend Bankr. Petition----------------------------------------------------------------Appaloosa Investment Limited Partnership I, OCM Opportunities FundVI, L.P. and Special Value Expansion Fund, LLC, said they havefiled an involuntary petition under chapter 11 of the BankruptcyCode against debtor Caesars Entertainment Operating Company, Inc.because the Debtor "elected not to pay" $225 million in interest toholders of the Debtor's second-priority senior secured notes due2018 having an aggregate principal amount of $4.5 billion, and isthus generally not paying its debts as they become due.

Appaloosa, et al., therefore request that the U.S. Bankruptcy Courtfor the District of Delaware enter an order for relief against theDebtor pursuant to Section 303(h)(1) of the Bankruptcy Code andRule 1013 of the Federal Rules of Bankruptcy Procedure.

Counsel for the Petitioning Creditors, Robert F. Poppiti, Jr.,Esq., at Young Conaway Stargatt & Taylor, LLP, explains that onDec. 15, 2014, the Debtor defaulted on payments of more than $225million in interest owed to hundreds of noteholders, who togetherhold Second Lien Notes having an aggregate original principalamount in excess of $4.5 billion. On the same day, the Debtorannounced in a filing with the SEC that it had "elected not to pay"that interest, even though it had "approximately $1.5 billion ofcash and cash equivalents," and that it was taking advantage of a"grace period" applicable to such payments. There is no "graceperiod," however, applicable to payments on the Second Lien Notes,the existence of a "Default" under the indentures, or the right ofholders of the Second Lien Notes to enforce the Debtor'sobligations to pay the past due interest payments. Moreover,additional remedies become available after the Defaults (which havealready occurred) become Events of Default on Jan. 15, 2015.

On Dec. 19, 2014, the Debtor announced an agreement with certain ofits first lien noteholders, which provides that the Debtor andcertain of its subsidiaries will file chapter 11 bankruptcy caseson or after Jan. 15, 2015, but no later than Jan. 20, 2015. Thatagreement is memorialized in an "Amended And Restated RestructuringSupport And Forbearance Agreement" (the "Lock Up Agreement"), datedas of Dec. 31, 2014, between the Debtor and Caesars Parent on theone hand and certain first lien noteholders on the other.

Under the chapter 11 plan that would be proposed by the Debtorunder the Lock Up Agreement, holders of Second Lien Notes wouldnever receive payment of the delinquent interest payments that weredue on Dec. 15, 2014, nor would they ever receive any payment onaccount of most of the outstanding principal amount of the SecondLien Notes. Instead, the plan would treat holders of Second LienNotes as fully unsecured, and provide them with equity that eventhe Debtor values at a small fraction of the outstanding principal.

Mr. Poppiti also said that, in any event, it appears that theDebtor and its controlling shareholders have contemplated, andprepared for, a chapter 11 bankruptcy filing for nearly a year (andperhaps even longer). During that period, insiders have plunderedthe Debtor, helping themselves to cash and other assets worth manybillions of dollars, to the detriment of creditors. As a result ofthese transactions, creditors have commenced four lawsuits againstthe Debtor, including one in the Delaware Court of Chancery filedby UMB Bank, acting as indenture trustee for a series of first liennotes, seeking appointment of a receiver. The Court of Chanceryrecently granted UMB Bank's motion for expedited treatment of itsrequest for the appointment of a receiver under Delaware law. Ingranting that relief, the court found that UMB Bank had carried itsburden to show that there is both a colorable claim and asufficient threat of irreparable harm to justify the considerableexpense of an expedited proceeding.

Mr. Poppiti also said the Petitioning Creditors have filed theInvoluntary Petition to prevent any further transactions thatdiminish the Debtor's estate, and to obtain the aid of this Courtin assuring that all parties will be dealt with fairly in anyrestructuring. As required by Section 303(b)(1), each of thePetitioning Creditors is the holder of a claim against the Debtor,for principal and interest, that is neither contingent as toliability nor the subject of a bona fide dispute as to liability oramount. Such claims are, in the aggregate, at least $15,325 morethan the value of any lien on property of the debtor securing them. This is evident from the terms of the chapter 11 plan that hasbeen agreed to by the Debtor and certain of the first liennoteholders, which would treat the claims of holders of Second LienNotes as completely unsecured.

As beneficial holders of the Second Lien Notes, each of thePetitioning Creditors has an absolute right under the Indentures,the Second Lien Notes themselves, and Section 316(b) of the TrustIndenture Act to enforce its right to receive payment of interestwhen due. Under the plain language of the Indentures and the SecondLien Notes, interest payments became due on Dec. 15, 2014. Asseveral courts have expressly held, filing an involuntary petitionis among the remedies available to noteholders following paymentdefaults such as those that have occurred here, even if theindenture contains a "no action clause" that conditions theexercise of remedies in different circumstances.

Finally, the Debtor is generally not paying its debts as theybecome due, Mr. Poppiti added. The Debtor has now been in paymentdefault, for about four weeks, on interest payments owed tohundreds of holders of Second Lien Notes that, in the aggregate,total about $225 million. Both the number and the amount ofoverdue claims against the Debtor -- which incurs relatively fewmonthly operating expenses on a non-consolidated basis aside fromdebt service -- are very substantial.

There is no reasonable basis for the Debtor's failure to make theinterest payments on the Second Lien Notes when due on Dec. 15; asadmitted by the Debtor, such nonpayment is not attributable toadministrative error, nor to any temporary liquidity shortfall.Rather, the nonpayment was willful and deliberate -- or in thewords of the Debtor, "elected" -- as part of an agreement withfirst lien lenders that would permanently deprive holders of SecondLien Notes not only of payment of the overdue interest but alsomost of their principal. If that were not enough, there isoverwhelming evidence, in the form of billions of dollars inself-dealing transactions, that the Debtor is "conducting [its]financial affairs in a manner not consistent with one operating ingood faith and in the regular course of business."

Accordingly, the Petitioning Creditors aver they are entitled toentry of an order for relief against the Debtor in the bankruptcycase.

A copy of the affidavit in support of the involuntary petition isavailable for free at:

The bondholders are represented by Robert S. Brady, Esq., at Young,Conaway, Stargatt & Taylor, LLP.

In January 2015, Caesars Entertainment and subsidiary CEOCannounced that holders of more than 60% of claims in respect ofCEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% seniorsecured notes due 2020 and CEOC's 9% senior secured notes due 2020have signed the Amended and Restated Restructuring Support andForbearance Agreement, dated as of Dec. 31, 2014, among CaesarsEntertainment, CEOC and the Consenting Creditors. As a result, theRSA became effective pursuant to its terms as of Jan. 9, 2015.

The hedge funds hold 10% second lien notes in the company. Appaloosa is owed $13,109,250, OCM is owed $18,239,186 of thenotes; and SVEF is owed $9,734,458. The claims are secured by,among other things, accounts, general intangibles, goods,insurance, intellectual property, money and other receivables ofthe Debtor.

The Petitioning Creditors said the assets of the Debtor areinsufficient to satisfy their claims against the Debtor and that,therefore, they are undersecured.

However, to the extent there is any question that the PetitioningCreditors are not qualified creditors pursuant to Sec. 303(b) ofthe Bankruptcy Code with respect to the secured/unsecured status ofits claim, it waives its right to security interests in any assetsof the Debtor up to, but no more than, the amount of $5,109, suchthat the Petitioning Creditors hold unsecured claims of at least$15,325 in the aggregate, which amount meets the requirements ofSec. 303(b) of the Bankruptcy Code.

About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.-- http://www.caesars.com/-- is one of the world's largest casino

The bondholders are represented by Robert S. Brady, Esq., at Young,Conaway, Stargatt & Taylor, LLP.

In January 2015, Caesars Entertainment and subsidiary CEOCannounced that holders of more than 60% of claims in respect ofCEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% seniorsecured notes due 2020 and CEOC's 9% senior secured notes due 2020have signed the Amended and Restated Restructuring Support andForbearance Agreement, dated as of Dec. 31, 2014, among CaesarsEntertainment, CEOC and the Consenting Creditors. As a result, theRSA became effective pursuant to its terms as of Jan. 9, 2015.

CAESARS ENTERTAINMENT: Hobbled by Absence in Asia-------------------------------------------------Kate O'Keeffe, writing for The Wall Street Journal, reported thatCaesars Entertainment Corp.'s failure to get a foothold in hugeAsian gambling markets like Macau and Singapore, alongside the 2008leveraged buyout that crippled the casino operator's balance sheetright as the financial crisis hit, has put the casino company'slargest unit on the verge of bankruptcy. According to the Journal,the unit, Caesars Entertainment Operating Co., is preparing to filefor Chapter 11 protection in Chicago today, Jan. 15.

About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah’s EntertainmentInc.– http://www.caesars.com/— is one of the world’s largest casinocompanies. Caesars casino resorts operate under the Caesars,Bally’s, Flamingo, Grand Casinos, Hilton and Paris brand names.The Company has its corporate headquarters in Las Vegas.

Harrah’s announced its re-branding to Caesar’s in mid-November2010.

Caesars Entertainment reported a net loss of $2.93 billion in 2013,as compared with a net loss of $1.50 billion in 2012. TheCompany’s balance sheet at Sept. 30, 2014, showed $24.5 billionin total assets, $28.2 billion in total liabilities and a $3.71billion total deficit.

The bondholders are represented by Robert S. Brady, Esq., at Young,Conaway, Stargatt & Taylor, LLP.

In January 2015, Caesars Entertainment and subsidiary CEOCannounced that holders of more than 60% of claims in respect ofCEOC’s 11.25% senior secured notes due 2017, CEOC’s 8.5% seniorsecured notes due 2020 and CEOC’s 9% senior secured notes due2020 have signed the Amended and Restated Restructuring Support andForbearance Agreement, dated as of Dec. 31, 2014, among CaesarsEntertainment, CEOC and the Consenting Creditors. As a result, theRSA became effective pursuant to its terms as of Jan. 9, 2015.

CAESARS ENTERTAINMENT: Says Jr. Creditors Trying to Boost Standing------------------------------------------------------------------Ryan Rudnansky, writing for Travel Pulse, reports that AppaloosaInvestment LP, claiming in its involuntary Chapter 11 bankruptcyagainst Caesars Entertainment Operating Company, Inc., thatinsiders "plundered" the business unit, wants the U.S. BankruptcyCourt for the District of Delaware to appoint an examiner toinvestigate.

Appaloosa believes that the insiders gave themselves "hundreds ofmillions of dollars" while stripping junior debtors ofincome-generating assets and leaving them with a large debt thatcannot be repaid.

Appaloosa Investment said in a court filing that under therestructuring deal, junior creditors wouldn't receive the interestpayment, and "instead, the plan would treat holders of second liennotes as fully unsecured, and provide them with equity that eventhe debtor values at a small fraction of the outstandingprincipal."

Travel Pulse relates that Caesars Entertainment is claiming thatjunior creditors are attempting to "boost their standing." Entertainment said in a statement that "the claims are atransparent attempt to thwart a restructuring that has been agreedto by more than two-thirds of CEOC's first-lien noteholders. Theaction is designed to injure CEOC while these junior creditorsattempt to boost their standing."

Linda Sandler at Bloomberg News reports that Leon Black will haveto convince most creditors of Caesars Entertainment that his planto save the value of his stake in the company is fair.

About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.-- http://www.caesars.com/-- is one of the world's largest casino

The bondholders are represented by Robert S. Brady, Esq., at Young,Conaway, Stargatt & Taylor, LLP.

In January 2015, Caesars Entertainment and subsidiary CEOCannounced that holders of more than 60% of claims in respect ofCEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% seniorsecured notes due 2020 and CEOC's 9% senior secured notes due 2020have signed the Amended and Restated Restructuring Support andForbearance Agreement, dated as of Dec. 31, 2014, among CaesarsEntertainment, CEOC and the Consenting Creditors. As a result, theRSA became effective pursuant to its terms as of Jan. 9, 2015.

CAESARS ENTERTAINMENT: Seeks Support from Bank Lenders------------------------------------------------------Caesars Entertainment Operating Company, Inc., a subsidiary ofCaesars Entertainment Corporation, announced that following receiptof the requisite support of first lien noteholders for a proposedrestructuring, it is now seeking support from holders of its bankdebt to a modified restructuring support agreement. As of Jan. 9,2015, CEOC has agreed to terms of a restructuring support agreementwith greater than two-thirds of the holders of its first liennotes. Bank lenders will have until 9 p.m. New York time on Jan.14, 2015, to sign onto a separate, but similar RSA.

As per the Bank RSA, consenting bank lenders will receive their prorata portion of a $150 million consent fee for supporting the BankRSA. Consenting bank lenders will agree to release theircollection guarantee from Caesars Entertainment upon, among otherthings, the effectiveness of CEOC's plan of reorganization.Consenting bank lenders will also have the opportunity to purchasea pro-rata share of $150 million of convertible notes to be offeredby Caesars Entertainment.

"We are pleased to have garnered broad-based support of ourrestructuring plan from more than two thirds of first lienbondholders, exceeding all required thresholds," said Gary Loveman,Chairman of CEOC. "The leadership from our institutional creditorbase enhances our ability to maximize value on their behalf. Inresponse to inquiries from certain of our bank lenders, we havedecided to seek their support to help facilitate a smooth andefficient restructuring, which is in the best interest of allstakeholders."

The RSA that has been signed by more than two thirds of first liennoteholders and contemplates payment of 100 cents on the dollar toholders of bank debt, became effective on Jan. 9, 2015. If thebank lenders do not consent to the terms of the Bank RSA in therequisite amounts, they may receive such other treatment as agreedby CEOC and Caesars Entertainment that pays them in full on accountof the value of their collateral.

CEOC Responds to Involuntary Petition

CEOC asserted in a press release that the claims made by certainjunior creditors in their Chapter 11 involuntary bankruptcypetition are meritless.

"The involuntary petition is a transparent attempt to thwart arestructuring that has been agreed to by more than two-thirds ofCEOC's first-lien noteholders. The action is designed to injureCEOC while these junior creditors attempt to boost their standing,"CEOC said in a statement.

CEOC related it will respond formally to the "baseless" petitionshortly. In the meantime, all business operations will continuenormally and without interruption. Further, CEOC plans to proceedtoward the implementation of the previously announced restructuringagreement.

Amended RSA

On Jan. 9, 2015, Caesars Entertainment filed a current report onForm 8-K with the U.S. Securities and Exchange Commission to reportthe amendment and restatement of the agreement to restructure theindebtedness of Caesars Entertainment Operating Company, Inc., amajority owned subsidiary of CEC, pursuant to the terms of the termsheet incorporated into the RSA. On January 12, the Companyamended the Current Report to include the Amendment as an exhibit. A copy of the Second Amended Restated Restructuring Support andForbearance Agreement is available at:

Caesars Entertainment Corp., formerly Harrah’s EntertainmentInc.– http://www.caesars.com/— is one of the world’s largest casinocompanies. Caesars casino resorts operate under the Caesars,Bally’s, Flamingo, Grand Casinos, Hilton and Paris brand names.The Company has its corporate headquarters in Las Vegas.

Harrah’s announced its re-branding to Caesar’s in mid-November2010.

Caesars Entertainment reported a net loss of $2.93 billion in 2013,as compared with a net loss of $1.50 billion in 2012. TheCompany’s balance sheet at Sept. 30, 2014, showed $24.5 billionin total assets, $28.2 billion in total liabilities and a $3.71billion total deficit.

The bondholders are represented by Robert S. Brady, Esq., at Young,Conaway, Stargatt & Taylor, LLP.

In January 2015, Caesars Entertainment and subsidiary CEOCannounced that holders of more than 60% of claims in respect ofCEOC’s 11.25% senior secured notes due 2017, CEOC’s 8.5% seniorsecured notes due 2020 and CEOC’s 9% senior secured notes due2020 have signed the Amended and Restated Restructuring Support andForbearance Agreement, dated as of Dec. 31, 2014, among CaesarsEntertainment, CEOC and the Consenting Creditors. As a result, theRSA became effective pursuant to its terms as of Jan. 9, 2015.

CALIFORNIA COMMUNITY: CB&T Asks for Relief from Stay----------------------------------------------------Secured creditor California Bank & Trust asks the Bankruptcy Courtto grant immediate relief from the automatic stay to permit CB&T toexercise all applicable rights and remedies with respect to itsinterest in the real property and improvements located at 655 West2nd Street, San Bernardino, California, including withoutlimitation to obtain the appointment of a receiver over theproperty and foreclose upon the property.

CB&T serves as assignee of the Federal Deposit InsuranceCorporation as receiver for Vineyard Bank, N.A.

The Court set a Jan. 14, 2015 hearing on the matter.

In a memorandum in support of the motion, CB&T stated that:

-- CB&T's loan to the Debtor is secured by a first priority deedof trust on the property matured on Sept. 5, 2013, and theforbearance period expired on Dec. 5, 2013;

-- The property is tax defaulted for tax years 2008, 2009, 2010,and 2012, and as of Sept. 2014, these prior year taxes, interest,penalties and charges totaled $107,000;

-- As of Dec. 15, 2014, CB&T's claim totaled $9.97 million; and

-- The Court must terminate the automatic stay because theDebtor does not have an equity in the property and the property isnot necessary to an effective reorganization.

California Community Collaborative filed a Chapter 11 bankruptcypetition (Bankr. E.D. Cal. Case No. 14-26351) on June 17, 2014. Merrell G. Schexnydre, the company's president, signed thepetition. The Debtor estimated assets of at least $10 million andliabilities of $1 million to $10 million. The Debtor isrepresented by Meegan, Hanschu & Kassenbrock. Judge Christopher M.Klein presides over the case. On Jan. 14, 2014, Kristina M.Johnson was appointed the Chapter 11 trustee.

CALIFORNIA COMMUNITY: Has Access to Cash Collateral Until Jan. 31-----------------------------------------------------------------In a hearing held December, the Bankruptcy Court entered an orderauthorizing California Community Collaborative, Inc., to accesscash collateral until Jan. 31.

Another hearing is slated for Jan. 14 to consider the Debtor'smotion to use cash collateral consisting of rents collectedfrom tenants at its real property commonly known as 655 West 2ndStreet, San Bernardino, California.

The Debtor would use the cash collateral to pay administrativeexpenses and operating expenses in the ordinary course of businesswithin a 10% variance in each listed category.

As reported in the TCR on Dec. 10, 2014, the space and rentalproperty is under lease to the Judicial Council of California,which operated the Child Support Division of the Superior Court ofthe County of San Bernardino. The gross rent and the CAM chargesdue from the Judicial Council totals $65.947 per month and thelease extends to February 2018.

The Debtor requested for authorization to make $29,321 adequateprotection payment for the interest of secured creditors; and$31,500 to California Bank and Trust.

On Jan. 14, 2014, Kristina M. Johnson was appointed the Chapter 11trustee.

CHAMPIONS ONCOLOGY: May Default on Convertible Notes due in March-----------------------------------------------------------------Champions Oncology, Inc., filed its quarterly report on Form 10-Q,

reporting a net loss of $3.08 million on $1.88 million of total revenue for the quarter ended Oct. 31, 2014, compared with a net loss of $2.32 million on $2.38 million of total revenue for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $3.31million in total assets, $5.17 million in total liabilities, and a

stockholders' deficit of $1.86 million.

On Dec. 1, 2014, its Pres. & CEO purchased convertible promissory notes in the aggregate principal amount of $2 million with a term of 90 days. The Company believes that the proceeds of

these loans, if converted into equity at maturity (which is the option of the noteholders, not the Company), together with its cash and cash equivalents, will be adequate to fund our operations

through at least March 31, 2015. If the noteholders do not elect to convert the notes into equity at maturity, then its cash and cash equivalents would not be adequate to fund operations beyond such maturity date, and the Company may not have enough cash to repay the notes, in which case it would be in default.

MainStreet quoted Mr. Little as saying, "We're still unsure as towhy, but advocates have been working hard to put pressure on theDepartment of Education and ECMC to include more safeguards forstudents."

According to MainStreet, an industry source said, "There areseveral parties that want to try to block the deal, such asinvestors, public policy advocates and legislators. But I doubtany would be successful, since there aren't any reasonablealternatives. If Corinthian collapses completely, the U.S.Department of Education is on the hook for closed school dischargesof more than $1 billion in federal student loans."

This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend. Thismeeting of creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors.

DDR CORP: Fitch Affirms 'BB' Rating on $350MM Preferred Stock-------------------------------------------------------------Fitch Ratings has assigned a credit rating of 'BBB-' to the $500million 3.625% senior notes due 2025 issued by DDR Corp. (NYSE: DDRor the company). The notes were priced at 99.260% of their faceamount to yield 3.714% to maturity, or 180 basis points over thebenchmark rate.

The company expects to use the net proceeds to repay debt under its$350 million term loan, to repay $100 million of the $400 millionoutstanding under its secured term loan, to repay borrowings underits $750 million unsecured revolving credit facility and forgeneral corporate purposes, which may include the repayment ofsecured and unsecured debt from time to time.

DDR continues to execute on its strategic plan, which entailsinvesting in market-dominant power centers in large andsupply-constrained markets occupied by retailers that cater to theconsumer's desire for value and convenience. Portfoliotransformation has been evidenced by a lower asset count of 415properties currently, down from 621 in 2008, and DDR's goal isreducing the portfolio to approximately 350 assets. The averageasset size increased to 275,000 square feet (sf) currently from190,000 sf in 2008. Fitch views this portfolio transformationfavorably because it has resulted in stronger leasing and rentalrates. The leased rate is 95.6% currently, up from 92.6% in 2008and average rent per sf is $13.65 currently, up from $12.34 in2008.

Strong Leasing Spreads; CapEx Weighs on Effective Rents

Blended leasing spreads on new and renewal leases were 10.2% in3Q'14, compared to 8.3% growth in 2013, 6.7% in 2012, and 6.1% in2011. During 3Q'14, new leases were signed at $17.22 per sf andrenewal leases were signed at $13.91 per sf. However, capitalexpenditures continue to weigh on cash flow growth. Capex persquare foot represented 4.9% of total face rent for the trailing 12months (TTM) ended Sept. 30, 2014, up from 3.7% in 2013 and 3.1% in2012.

Solid Fixed-Charge Coverage

DDR's fixed-charge coverage ratio was 2.3x for the TTM ended Sept. 30, 2014 pro forma for the 2025 senior notes offering and theOctober 2014 acquisition of 71 shopping centers by a joint venture(JV) formed by DDR and an affiliate of Blackstone Real EstatePartners VII, which DDR funded with proceeds from asset sales. Fixed-charge coverage was 2.3x for 2013 and 2.0x in 2012. Growth inorganic and redevelopment EBITDA were the primary contributors tothe improvement. Under Fitch's base case whereby the companygenerates 3% same-store net operation income (SSNOI) growth in 2015(due to positive releasing spreads and minor improvements inoccupancy) followed by a slight moderation in 2016, fixed-chargecoverage would be in the low-to-mid-2x range over the next 12-to-24months, which would be strong for the 'BBB-' rating.

In a stress case not anticipated by Fitch in which SSNOI declinesby levels experienced in 2009, fixed-charge coverage would remainjust above 2x, which would still be adequate for the 'BBB-' rating. Fitch defines fixed-charge coverage as recurring operating EBITDAincluding recurring cash distributions from unconsolidated entitiesless recurring capital expenditures and straight-line rentadjustments, divided by total interest incurred and preferred stockdividends.

The company grew annualized unencumbered net operating income (NOI)to $445 million currently from $252 million in 2009, and thepercentage of consolidated NOI derived from unencumbered assetsincreased to 66% currently from 49% in 2009. As of Sept. 30, 2014,the company's unencumbered assets (3Q'14 annualized unencumberedNOI divided by a stressed 8% capitalization rate) covered pro formanet unsecured debt by 1.9x, which is weak for the rating. Thecompany's goal for 2015 is to repay secured mortgages withunsecured paper, which should enhance financial flexibility;however, Fitch expects unencumbered asset coverage to remain justbelow 2.0x.

Somewhat High Leverage for Rating

Leverage was 7.5x as of Sept. 30, 2014 pro forma for the 2025 notesoffering and Blackstone joint venture acquisition, down from 8.2xin 2013 and 7.8x in 2012. Leverage was skewed upward for full-year2013 due to the timing of the company's October 2013 acquisition ofa portfolio of 30 power centers previously owned by JV withBlackstone Real Estate Partners VII L.P. for $1.46 billion.

Fitch projects that leverage will approach 7.0x over the next12-to-24 months principally due to EBITDA growth, which would beappropriate for the 'BBB-' rating. In the above-mentioned stresscase not anticipated by Fitch, leverage would exceed 7.5x, whichwould be more consistent with a 'BB+' rating. Fitch definesleverage as net debt to recurring operating EBITDA includingrecurring cash distributions from unconsolidated entities.

If 80% of secured debt maturities are refinanced through Dec. 31,2016, liquidity coverage would improve to 1.2x; however, Fitch doesnot view this as a likely scenario, since the company intends tocontinue unencumbering the portfolio.

Mitigating liquidity risk is DDR's strong access to capital. Inaddition to the 2025 notes issuance, in November 2013, DDR issued$300 million aggregate principal amount of 3.50% senior unsecurednotes due January 2021 to repay mortgage debt assumed from theacquisition of assets from another JV with Blackstone. The companyalso selectively accessed the mortgage debt market in 2014, on itsPlaza Escorial property located in Puerto Rico, for example.

The company's adjusted funds from operations (AFFO) payout ratiowas 63.0% in 3Q'14, up from 61.2% in 2013 and 57.0% in 2012 andreflective of internally generated liquidity of over $130 millionannually. In January 2015, the company raised its common stockdividend to an annualized rate of $0.69 per share compared with anannualized rate of $0.62 per share previously.

Active Redevelopment Pipeline

Cost-to-complete to development represented 1.3% of undepreciatedassets as of Sept. 30, 2014, up slightly from 2009-2011 levels butstill below 3.5% as of year-end 2007. The company's fivedevelopment projects are located in Chicago, IL, Orlando, FL,Seabrook, NH, New Haven, CT and Kansas City, KS, and are expectedto be completed by year-end 2015.

DDR has eight redevelopment projects underway and has identifiedapproximately $635 million of active and redevelopmentopportunities. The company could potentially grow theredevelopment pipeline to $1 billion. For example, the companyredeveloped Brookside Marketplace in Chicago, IL adding Ross Dressfor Less, Panera Bread and Pier 1 Imports through development andT.J. Maxx through small shop consolidation, generating an unleveredcash- on-cost of 10.3%. These improvements should improve assetquality and cash flow growth as DDR generally targets an unleveredcash-on-cost in excess of 10%.

Puerto Rico Exposure

Puerto Rico accounts for 8.6% of DDR's annualized base rent. InJuly 2014, Fitch downgraded the ratings for the Commonwealth ofPuerto Rico debt to 'BB-' from 'BB', following the February 2014downgrade to 'BB' from 'BBB-'. The Rating Outlook is Negative. TheCommonwealth has repeatedly demonstrated its focus on bolsteringthe fundamentals of its general credit, including through continuedprogress in closing the general fund budget deficit and limitingexposure to public corporation shortfalls. The Commonwealth'seconomy has been in recession since 2006. Despite economicweakness, DDR's portfolio in Puerto Rico has performed well withblended rents psf up 7.5% from 2009 to 2013, spurred by demand fromrelationship tenants.

Chief Executive Officer Separation Announcement

On Jan. 2, 2015, DDR announced that Daniel B. Hurwitz and DDR'sBoard of Directors finalized a mutually agreed upon separationagreement whereby Hurwitz will remain an employee of the companyuntil Feb. 14, 2015; however, Hurwitz relinquished his role as CEOand Director of DDR, effective Dec. 31, 2014. David J. Oakes isPresident and Chief Financial Officer, a position he assumed onJan. 1, 2013. Under the current executive team, DDR continues toexecute on various elements of DDR's strategic plan to improveportfolio quality, engage in transactions such as acquisitions anddispositions, and improve portfolio operations and balance sheetmetrics.

Preferred Stock Notching

The two-notch differential between DDR's IDR and preferred stockrating is consistent with Fitch's criteria for corporate entitieswith an IDR of 'BBB-'. Based on Fitch research titled 'Treatmentand Notching of Hybrids in Nonfinancial Corporate and REIT CreditAnalysis', these preferred securities are deeply subordinated andhave loss absorption elements that would likely result in poorrecoveries in the event of a corporate default.

Stable Outlook

The Stable Outlook centers on Fitch's expectation of leveragearound 7.0x, which is appropriate for the rating; fixed-chargecoverage in the mid-2x range, which is strong for the rating; andweak liquidity coverage for the rating (offset by a growingunencumbered pool).

RATING SENSITIVITIES

These factors may have a positive impact on DDR's ratings and/orOutlook:

-- Fitch's expectation of leverage sustaining below 6.5x is the

primary factor for positive momentum on the ratings and/or Outlook, since this metric is more consistent through interest rate cycles (pro forma leverage is 7.5x);

-- Fitch's expectation of growth in the size and quality of the

unencumbered pool with unencumbered assets (unencumbered NOI

divided by a stressed capitalization rate of 8.0%) to net unsecured debt of 2.5x is another important positive (this metric is 1.9x pro forma);

-- Fitch's expectation of fixed-charge coverage sustaining above 2.3x is a less meaningful ratings sensitivity for positive momentum as it is less consistent through interest rate cycles (pro forma fixed-charge coverage is 2.3x).

These factors may have a negative impact on DDR's ratings and/orOutlook:

DEB STORES: Hires Great American as Consultant----------------------------------------------Deb Stores Holding LLC and its debtor-affiliates seek authorizationfrom the U.S. Bankruptcy Court for the District of Delaware toemploy Great American Group, LLC as consultant to the Debtors tocontinue certain pre-petition store closing sales, nunc pro tunc tothe Dec. 4, 2014 petition date.

The Debtors require Great American to:

(a) provide a qualified, full time Supervisor to assist merchant in conducting the sale;

(b) oversee the sale of the merchandise from the store;

(c) recommend appropriate point of purchase, point of sale and external advertising to effectively sell the merchandise during the sale term, consistent with the applicable sale theme agreed to with merchant;

(d) recommend appropriate pricing, display and discounting of merchandise, as well as recommend appropriate staffing levels for the store and appropriate bonus and incentive programs for store employees; and

(e) provide such other related services deemed necessary or prudent by merchant and consultant under the circumstances giving rise to the sale.

Great American will be compensated as follows:

-- Consultant Fees. Great American shall be entitled to a fee

equal to 2% of the gross proceeds of the sale, payable weekly in accordance the submissions of invoices.

-- Sale Expenses. In connection with the sales, merchant shall

be responsible for the payment of all expenses incurred in operating the store and conducting the sale, including all Sale Expenses. Great American shall not exceed the aggregate amount of sale expenses.

Mark P. Naughton, senior vice president and general counsel ofGreat American, assured the Court that the firm is a "disinterestedperson" as the term is defined in Section 101(14) of the BankruptcyCode and does not represent any interest adverse to the Debtors andtheir estates.

Headquartered in Philadelphia, Pennsylvania, Deb Stores is amall-based retailer in the juniors "fast-fashion" specialty sectorthat operates under the name "DEB" and offers moderately priced,fashionable, coordinated women's sportswear, dresses, coats,lingerie, accessories and shoes for junior and plus sizes. Thecompany, founded by Philip Rounick and Emma Weiner, opened itsfirst store under the name JOY Hosiery in Philadelphia,Pennsylvania in 1932. As of Sept. 30, 2014, the company operateda total of 295 retail store locations (primarily in the East andMidwest, especially Pennsylvania, Ohio and Michigan) as well as ane-commerce channel.

Republicanherald.com relates that the Deb Shops at the SchuylkillMall is one of 287 stores in 42 states closing nationwide as aresult of bankruptcy. The stores could close by April once themerchandise is sold, the report states, citing an employee at thelocation who refused to give her name.

Matthew Woods at Midland Daily News adds that the Midland Best Buystore is closing on Feb. 14, 2015, while the Deb Shops Junior andPlus store in the Midland Mall will be closing its doors in thenear future.

About Deb Stores

Headquartered in Philadelphia, Pennsylvania, Deb Stores is amall-based retailer in the juniors "fast-fashion" specialty sectorthat operates under the name "DEB" and offers moderately priced,fashionable, coordinated women's sportswear, dresses, coats,lingerie, accessories and shoes for junior and plus sizes. Thecompany, founded by Philip Rounick and Emma Weiner, opened itsfirst store under the name JOY Hosiery in Philadelphia,Pennsylvania in 1932. As of Sept. 30, 2014, the company operatedatotal of 295 retail store locations (primarily in the East andMidwest, especially Pennsylvania, Ohio and Michigan) as well as ane-commerce channel.

According to the report, in a lawsuit filed in U.S. BankruptcyCourt in Manhattan, Solus Alternative Asset Management and Angelo,Gordon & Co. say Delphi is about to renege on commitments it madeunder its plan to exit bankruptcy in 2009. The funds asked thecourt to reopen Delphi's bankruptcy case, which has been largelydormant since the end of last year, the report related.

About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation --http://www.delphi.com/-- is a global supplier of electronics and technologies for automotive, commercial vehicle and other marketsegments. Delphi operates major technical centers, manufacturingsites and customer support facilities in 30 countries.

The Court confirmed Delphi's plan on Jan. 25, 2008. The Plan wasnot consummated after a group led by Appaloosa Management, L.P.,backed out from their proposal to provide $2.55 billion in equityfinancing to Delphi. At the end of July 2009, Delphi obtainedconfirmation of a revised plan, build upon a sale of the assets toa entity formed by some of the lenders who provided $4 billion ofdebtor-in-possession financing, and General Motors Company.

Delphi emerged from Chapter 11 as DPH Holdings. DPH Holdings isresponsible for the post-Effective Date administration and eventualclosing of the Chapter 11 cases as well as the disposition ofcertain retained assets and payment of certain retained liabilitiesas provided under the Modified Plan.

Delphi Automotive PLC is UK-based company formed in May 2011 as aholding company for US-based automotive parts manufacturer DelphiAutomotive LLP. Delphi Automotive LLP is the successor to theformer Delphi Corporation. At the time of its formation, DelphiAutomotive PLC filed an initial public offering seeking to raise atleast $100 million.

DETROIT, MI: Homeowners Face New Test in Foreclosure Notices------------------------------------------------------------Matthew Dolan, writing for The Wall Street Journal, reported thatafter years of delay, Wayne County, which includes the city ofDetroit, is informing residents in an estimated 35,000 occupiedhomes that they are delinquent in their city taxes, which couldlead to their houses being auctioned off. That could affect aboutone in seven Detroit residents, or 97,733 people, the Journal said,citing an analysis of Wayne County’s foreclosure list byDetroit-based Loveland Technologies.

About the City of Detroit

The City of Detroit, Michigan, weighed down by more than $18billion in accrued obligations, sought municipal bankruptcyprotection on July 18, 2013, by filing a voluntary Chapter 9petition (Bankr. E.D. Mich. Case No. 13-53846). Detroit estimatedmore than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergencymanager, signed the petition. Detroit is represented by lawyersat Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seekbankruptcy, in terms of population and the size of the debts andliabilities involved.

The City's $18 billion in debt includes $5.85 billion in specialrevenue obligations, $6.4 billion in post-employment benefits,$3.5 billion for underfunded pensions, $1.13 billion on securedand unsecured general obligations, and $1.43 billion on pension-related debt, according to a court filing. Debt service consumes42.5 percent of revenue. The city has 100,000 creditors and20,000 retirees.

A nine-member official committee of retired workers was appointedin the case. The Retirees' Committee is represented by Dentons USLLP. Lazard Freres & Co. LLC serves as the Retiree Committee'sfinancial advisor.

The TCR, on Dec. 18, 2014, reported that Detroit has filed anotice that the effective date of its bankruptcy-exit planoccurred on Dec. 10, 2014. U.S. Bankruptcy Judge Steven Rhodes onNov. 12, 2014, entered an order confirming the Eighth Amended Planfor the Adjustment of Debts of the City of Detroit.

DEWEY & LEBOEUF: Ex-Leaders Criminal Trial to Start in April------------------------------------------------------------Sara Randazzo, writing for The Wall Street Journal, reported thatDewey & LeBoeuf's three former leaders -- Steven Davis, StephenDiCarmine and Joel Sanders -- will head to court April 27 to kickoff a trial expected to last four to six months, New York stateSupreme Court Justice Robert Stolz said.

According to the report, the three stand accused of accountingfraud as part of an alleged scheme to hide the true nature ofDewey's financial condition in the run-up to the firm’s dramatic2012 collapse.

About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.Case No. 12-12321) to complete the wind-down of its operations.The firm had struggled with high debt and partner defections.Dewey disclosed debt of $245 million and assets of $193 million inits chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-based, law firm that traced its roots to the 2007 merger of DeweyBallantine LLP -- originally founded in 1909 as Root, Clark & Bird-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in1929. In recent years, more than 1,400 lawyers worked at the firmin numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyersin 25 offices across the globe. When it filed for bankruptcy,only 150 employees were left to complete the wind-down of thebusiness.

Dewey's offices in Hong Kong and Beijing are being wound down.The partners of the separate partnership in England are in processof winding down the business in London and Paris, andadministration proceedings in England were commenced May 28. Alllawyers in the Madrid and Brussels offices have departed. Nearlyall of the lawyers and staff of the Frankfurt office havedeparted, and the remaining personnel are preparing for theclosure. The firm's office in Sao Paulo, Brazil, is beingprepared for closure and the liquidation of the firm's localaffiliate. The partners of the firm in the Johannesburg office,South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,was sold to the firm of Greenberg Traurig PA on May 11 for$6 million. The Pension Benefit Guaranty Corp. took $2 million ofthe proceeds as part of a settlement.

The U.S. Trustee formed two committees -- one to representunsecured creditors and the second to represent former Deweypartners. The creditors committee hired Brown Rudnick LLP led byEdward S. Weisfelner, Esq., as counsel. The Former Partners hiredTracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &Winters, LLP, as counsel.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcycourt in February 2013 and implemented in March. The plan createda trust to collect and distribute remaining assets. The firmestimated that midpoint recoveries for secured and unsecuredcreditors under the plan would be 58.4 percent and 9.1 percent,respectively.

DOVER DOWNS: Downriver Capital Has 8.3% Stake as of Dec. 31-----------------------------------------------------------In a Schedule 13G filed with the U.S. Securities and ExchangeCommission, Downriver Capital Management, LLC, disclosed that as ofDec. 31, 2014, it beneficially owned 1,486,350 shares of commonstock of Dover Downs Gaming & Entertainment, Inc., representing8.3% as of Jan. 8, 2015 (based on 17,880,650 shares of Common Stockoutstanding). A full-text copy of the regulatory filing isavailable at http://is.gd/TiYdHb

As reported by the TCR on Oct. 31, 2014, Dover Downs was notifiedby the New York Stock Exchange that the average closing price ofour common stock had fallen below $1.00 per share over a period of30 consecutive trading days, which is the minimum average shareprice for continued listing on the NYSE under the NYSE ListedCompany Manual.

KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"qualification on the consolidated financial statements for theyear ended Dec. 31, 2013. The independent accounting firm notedthat the Company's credit facility expires on June 17, 2014, andat present no agreement has been reached to refinance the debt,which raises substantial doubt about the Company's ability tocontinue as a going concern.

The Company's balance sheet at Sept. 30, 2014, showed $185.15million in total assets, $68.83 million in total liabilities and$116.31 million in total stockholders' equity.

DOVER DOWNS: Gates Capital Reports 5.3% Equity Stake at Dec. 31---------------------------------------------------------------In an amended Schedule 13G filed with the U.S. Securities andExchange Commission, Gates Capital Management, L.P., and itsaffiliates disclosed that as of Dec. 31, 2014, they beneficiallyowned 940,352 shares of common stock of Dover Downs Gaming &Entertainment, Inc., representing 5.3 percent of the sharesoutstanding. A full-text copy of the regulatory filing is available for free at http://is.gd/qRhQeo

As reported by the TCR on Oct. 31, 2014, Dover Downs was notifiedby the New York Stock Exchange that the average closing price ofour common stock had fallen below $1.00 per share over a period of30 consecutive trading days, which is the minimum average shareprice for continued listing on the NYSE under the NYSE ListedCompany Manual.

KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"qualification on the consolidated financial statements for theyear ended Dec. 31, 2013. The independent accounting firm notedthat the Company's credit facility expires on June 17, 2014, andat present no agreement has been reached to refinance the debt,which raises substantial doubt about the Company's ability tocontinue as a going concern.

The Company's balance sheet at Sept. 30, 2014, showed $185 millionin total assets, $68.8 million in total liabilities and $116million of stockholders' equity.

The company will use the proceeds from the proposed transaction tofund acquisitions. Pro forma for the financing and acquisitions,adjusted debt leverage will increase to 6.3x from 6.1x for the 12months ended Sept. 30, 2014. Based on S&P's modest growthexpectations for 2015, it expects that pro forma adjusted debtleverage will decrease to 6.1x by the end of 2015.

S&P views Duff & Phelps business risk profile as "fair," based onthe company's position as a midsize valuation and corporatefinancial advisory firm operating in a highly competitive nationalmarket. The company has a well-recognized brand name and goodreputation, with a market-leading share in valuation advisoryservices, but it competes against significantly larger players withbroader capabilities and more financial resources.

The stable rating outlook on Duff & Phelps incorporates S&P'sassumption that the company will experience modest growth over thenext two to three years, which would enable it to maintain adjusteddebt leverage close to 6x. If Duff & Phelps performs below S&P'sexpectation and if its adjusted debt leverage rises above 6.5x, S&Pwould likely lower the rating. S&P views the probability of anupgrade to 'B+' from 'B' as low. An upgrade would require thecompany adopting a more conservative financial policy anddecreasing its debt leverage to below 5x.

RATINGS LIST

Duff & Phelps Corp. Corporate Credit Rating B/Stable/--

Rating Affirmed; Recovery Rating Unchanged

Duff & Phelps Corp. Senior Secured B Recovery Rating 3

EGENIX INC: Files for Chapter 11 Bankruptcy Protection------------------------------------------------------Egenix, Inc., on Jan. 14 disclosed that it has filed a voluntarypetition under chapter 11 of the U.S. Bankruptcy Code in order tofacilitate the restructuring of the Company's balance sheet andcapital structure. Upon the commencement of the Company's chapter11 case, William T. Nolan was appointed as the Company's ChiefRestructuring Officer.

Mr. Nolan commented: "Although the Company and its corporate andscientific advisors believe that the Company's cancer therapeuticstechnology holds great promise, the Company requires additionalfunding from investors to continue the Company's research anddevelopment efforts and meet its current and future financialobligations. By availing ourselves of the chapter 11 process, webelieve we can restructure the Company's balance sheet and capitalstructure to make the Company much more attractive to potentialinvestors. That investment will allow the Company to push forwardwith its critical research and development initiatives."

"The Company has sufficient cash to continue business as usual, andplans to obtain debtor-in-possession financing to fund additionalresearch and development activity and facilitate the Company'srapid movement through the chapter 11 process," Mr. Nolancontinued.

During the process, the Company is being represented by DevonshireHoldings, Inc. and Cole, Schotz, Meisel, Forman & Leonard, P.A.

Headquartered in LaGrangeville, New York, Egenix, Inc., is aprivately held biotechnology company focused on developinginnovative cancer therapeutics.

Headquartered in South San Francisco, California, Exelixis, Inc.,develops innovative therapies for cancer and other seriousdiseases. Through its drug discovery and development activities,Exelixis is building a portfolio of novel compounds that itbelieves has the potential to be high-quality, differentiatedpharmaceutical products.

The Company's balance sheet at Sept. 30, 2014, showed $384 million

in total assets, $442 million in total liabilities andtotal stockholders' deficit of $58.5 million.

Exelixis reported a net loss of $245 million in 2013 followinga net loss of $148 million in 2012.

The court order signed by U.S. Bankruptcy Judge D. Michael Lynnallows Falcon Steel to sell the equipment "free and clear of anyand all liens, claims and encumbrances." A provision, however, wasincluded in the court order to address issues raised by TexasCapital Bank, which states that those liens, claims andencumbrances "shall attach to the proceeds of the sale."

The court order also includes a provision requiring Falcon Steel todeposit the sale proceeds in an account maintained at Texas CapitalBank pending further determination of their respective rights tothe proceeds.

About Falcon Steel

Falcon Steel Company and New Falcon Steel, LLC, sought Chapter 11protection in the U.S. Bankruptcy Court for the Northern Districtof Texas, Fort Worth Division (Case Nos. 14-42585 and 14-42586) onJune 29, 2014. Falcon Steel claims to be the only American-ownedcompany that builds steel lattice towers for high electricaltransmission lines.

Falcon Steel was formed in 1963 and has operated continuously sincethat time as a manufacturer engaged in fabricating and galvanizingstructural steel for customers in the United States. New Falcon, asubsidiary, suspended operations in June 2013 and is being held forsale.

Falcon has three manufacturing plants in the DFW area in Texas,with one facility in Haltom City, another in Euless, and the thirdfacility in Kaufman, Texas. The company's corporate headquartersis located at its Haltom City plant. It currently employsapproximately 255 employees.

The U.S. Trustee has appointed a five-member panel to serve as theofficial unsecured creditors committee in the Debtors' cases. TheCommittee has tapped McCathern, PLLC, as counsel.

GARLOCK SEALING: Enters Into Agreement with Claims Representative-----------------------------------------------------------------EnPro Industries, Inc., and its Garlock Sealing Technologiessubsidiary have reached agreement with the court-appointed legalrepresentative of future asbestos claimants (the FCR) in GST'sAsbestos Claims Resolution Process (ACRP). The agreement includesa revised plan of reorganization that, if approved by theBankruptcy Court and implemented, will provide certainty andfinality to the expenditures necessary to resolve all current andfuture asbestos claims against GST and against its GarrisonLitigation and Anchor Packing subsidiaries. The FCR has agreed tosupport, recommend and vote in favor of the amended plan, whichprovides generous payments to all claimants with a compensabledisease and meaningful contact with GST's asbestos-containingproducts during the course of their working careers. EnProestimates the current after-tax, net present value of the revisedplan to be $205 million, with a maximum after-tax, net presentvalue of $236 million. EnPro expects an additional pre-tax amountof $12 million to be paid to non-asbestos creditors and toclaimants who prove they have a contractual right to payment ofasbestos claims that were settled but unpaid when GST entered intobankruptcy on June 4, 2010.

EnPro says that it expects continued opposition from the committeerepresenting current asbestos claimants (the Asbestos ClaimantsCommittee or ACC) and their law firms. GST estimates it could take15 to 24 months from now to reach confirmation. ACC appeals coulddelay conclusion of the case further.

A total of $357.5 million will be required to fund the resolutionof all asbestos claims under the revised plan. The total includes$250 million to be contributed at the effective date of the planand $77.5 million to be contributed over the following seven years. These funds will be available to pay asbestos claimants who meetqualifying disease and exposure criteria and elect to accept theoffered settlements, and to pay for related administrative fees. The revised plan provides an initial $30 million at the effectivedate to cover the litigation costs that will arise if claimantselect to forego their settlement options in favor of litigating infederal court. The plan also calls for a contingent guarantee thatcould provide additional litigation funding if necessary over a40-year period. However, EnPro believes that if the plan works asenvisioned and claimants act in their economic best interests, theguarantee (which has a current after-tax, net present value of $31million), will prove to be largely unnecessary.

EnPro anticipates that payments to the settlement and litigationfacilities, which will be paid primarily from GST cash balances andremaining insurance, will be deductible against U.S. taxes. It willseek an IRS determination to that effect. EnPro will guarantee alldeferred payments to the plan.

Steve Macadam, EnPro's President and CEO, said, "We are pleased toannounce this agreement with Joe Grier, the independent,court-appointed representative of all future asbestos claimants. These claimants make up a majority of individuals who are expectedto file asbestos claims against GST, and we are confident thisagreement with their representative will lead to the certainty andfinality that we and GST seek in this process. The revised plan istrue to the principles underlying Judge Hodges' estimation decisionlast January but pays significantly more dollars to claimants,ensuring it will be attractive to them and ultimately bring closureto the ACRP."

In conjunction with this development, EnPro also disclosed that itsBoard of Directors has adopted a policy under which it intends todeclare regular quarterly cash dividends on shares of EnPro'scommon stock. EnPro will pay an initial quarterly dividend of$0.20 per share on March 16, 2015 to shareholders of record at theclose of business on March 2, 2015. On an annualized basis, thisdividend payment equates to a payout yield of 34% of adjustedearnings per share for the twelve months ended Sept. 30, 2014. Areconciliation of adjusted earnings per share to GAAP earnings pershare is provided in a table attached to this release. EnPro willreview the dividend policy regularly and any future dividends willbe at the discretion of its Board of Directors after taking intoaccount its cash flow, earnings, financial position and otherrelevant matters.

"Initiating a quarterly cash dividend is another importantmilestone for EnPro Industries as we continue to successfullynavigate the asbestos claims resolution process and move towards amore sustainable, long-term model of disciplined, efficient capitalallocation. Beginning with the favorable court ruling lastJanuary, followed by our successful entry into the debt capitalmarkets, and now with GST's agreement with the FCR and theinitiation of a dividend, we have demonstrated our ability toaccess capital, grow our businesses in an unencumbered way andthoughtfully return capital to shareholders to the extent itexceeds our anticipated needs for internal capital and growthinvestment," said Mr. Macadam.

About Garlock Sealing

Headquartered in Palmyra, New York, Garlock Sealing TechnologiesLLC is a unit of EnPro Industries, Inc. (NYSE: NPO). For more thana century, Garlock has been helping customers efficientlyseal the toughest process fluids in the most demandingapplications.

On June 5, 2010, Garlock filed a voluntary Chapter 11 petition(Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina,to establish a trust to resolve all current and future asbestosclaims against Garlock under Section 524(g) of the U.S. BankruptcyCode. The Debtor estimated $500 million to $1 billion in assetsand up to $500 million in debts as of the Petition Date.

Affiliates The Anchor Packing Company and Garrison LitigationManagement Group, Ltd., also filed for bankruptcy.

Judge George Hodges of the United States Bankruptcy Court for theWestern District of North Carolina on Jan. 10, 2014, entered anorder estimating the liability for present and future mesotheliomaclaims against Garlock Sealing at $125 million, consistent with thepositions GST put forth at trial.

GENERAL MOTORS: Victims of Deadly Defect Fall Through Legal Cracks------------------------------------------------------------------Barry Meier and Hilary Stout, writing for The New York Times'DealBook, reported that families of victims of the ignition-switchdefects in several General Motors vehicles have found it difficultto hire lawyers willing to take on the automaker as rising lawsuitcosts have further dimmed the legal system's role in bringing therisk of suppressing information in lawsuits about product dangersto light.

According to the DealBook, experts said the incentives forplaintiffs' lawyers to invest large sums of money in a case thatmay or not serve as a kind of legal canary in a coal mine have beendiminished as companies, insurers and others, pointing to instancesof excessive jury awards and frivolous lawsuits, pushed statelawmakers to pass measures that would reduce awards and limitfilings.

The U.S. Trustee appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of UnsecuredCreditors Holding Asbestos-Related Claims. Lawyers at KramerLevin Naftalis & Frankel LLP served as bankruptcy counsel to theCreditors Committee. Attorneys at Butzel Long served as counselon supplier contract matters. FTI Consulting Inc. served asfinancial advisors to the Creditors Committee. Elihu Inselbuch,Esq., at Caplin & Drysdale, Chartered, represented the AsbestosCommittee. Legal Analysis Systems, Inc., served as asbestosvaluation analyst.

The Bankruptcy Court entered an order confirming the Debtors'Second Amended Joint Chapter 11 Plan on March 29, 2011. The Planwas declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved. Onthe Dissolution Date, pursuant to the Plan and the MotorsLiquidation Company GUC Trust Agreement, dated March 30, 2011,between the parties thereto, the trust administrator and trustee-- GUC Trust Administrator -- of the Motors Liquidation CompanyGUC Trust, assumed responsibility for the affairs of and certainclaims against MLC and its debtor subsidiaries that were notconcluded prior to the Dissolution Date.

* * *

The Troubled Company Reporter, on Sep. 29, 2014, reported thatStandard & Poor's Ratings Services raised its corporate creditrating on U.S. automaker General Motors Co. (GM) to 'BBB-' from'BB+', and revised the outlook to stable from positive. At thesame time, S&P raised its issue-level rating on GM's unsecureddebt to 'BBB-' from 'BB+' and simultaneously withdrew its '4'recovery rating on that debt, because S&P do not assign recoveryratings to the issues of investment-grade companies.

On Oct. 21, 2014, the TCR reported that Fitch Ratings has assigneda rating of 'BB+' to GM's amended unsecured credit facilities.Fitch currently rates GM's Issuer Default Rating (IDR) 'BB+'. TheRating Outlook is Positive. Fitch has also affirmed and withdrawnthe 'BB+' IDR of GM's General Motors Holdings LLC (GM Holdings)subsidiary, as there is no longer any rated debt at thesubsidiary, and Fitch does not expect the subsidiary to be anactive issuer going forward. Fitch has also withdrawn GMHoldings' unsecured credit facility rating of 'BB+' as thesubsidiary is no longer a borrower on the facilities.

The TCR, on Nov. 6, 2014, reported that Fitch Ratings has assigneda rating of 'BB+' to GM's proposed issuance of senior unsecurednotes. The existing Issuer Default Rating (IDR) for GM is 'BB+'and the Rating Outlook is Positive.

GENUTEC BUSINESS: Plan Deadline Extended to Feb. 15---------------------------------------------------Genutec Business Solutions Inc. sought and obtained from the U.S.Bankruptcy Court for the Central District of California an orderextending the deadline to file a Chapter 11 plan and disclosure toFeb. 15, 2015.

The Debtor says the extension request provides it the best chanceof proposing a viable plan which can be confirmed.

The U.S. Trustee for Region 16 appointed three creditors to serveon the official committee of unsecured creditors.

GREEN EARTH: Maturity of $7.5MM Debentures Extended to March 2016-----------------------------------------------------------------Pursuant to an amendment dated as of Dec. 16, 2014, the holders ofthe Green Earth Technologies, Inc., 6% Secured ConvertibleDebentures in the aggregate principal of $7.5 million due Dec. 31,2014, agreed to extend the maturity date of the Debentures to March31, 2016, according to a regulatory filing with the U.S. Securitiesand Exchange Commission.

Green Earth incurred a net loss of $6.84 million for the yearended June 30, 2014, compared to a net loss of $6.59 millionfor the year ended June 30, 2013.

As of Sept. 30, 2014, the Company had $16.6 million in totalassets, $26.7 million in total liabilities, and a $10.08 milliontotal stockholders' deficit.

Friedman LLP, in East Hanover, New Jersey, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended June 30, 2014. The independent auditors notedthat the Company's losses, negative cash flows from operations,working capital deficit, related party note in default payableupon demand and its ability to pay its outstanding liabilitiesthrough fiscal 2014 raise substantial doubt about its ability tocontinue as a going concern.

GT ADVANCED: SAS America Named to Creditors' Committee------------------------------------------------------The U.S. Trustee for Region 1 appointed SAS America, Inc., to GTAdvanced Technologies Inc.'s official committee of unsecuredcreditors. SAS America replaced Tera Xtal Technology Corp., whichresigned as member of the committee, according to a filing made inU.S. Bankruptcy Court for the District of New Hampshire.

Headquartered in Merrimack, New Hampshire, GT Advanced TechnologiesInc. -- http://www.gtat.com/-- produces materials and equipment for the electronics industry. On Nov. 4, 2013, GTAT announced amultiyear supply deal with Apple Inc. to produce sapphire glassmaterial for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment ofapproximately $578 million paid in four installments and, startingin 2015, GTAT would reimburse Apple for the prepayment over afive-year period.

GT is a publicly held corporation whose stock was traded on NASDAQunder the ticker symbol "GTAT." GTAT was de-listed from the NASDAQstock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidatedfinancial statements reflected assets totaling $1.5 billion andliabilities totaling $1.3 billion. As of Sept. 29, 2014, GTAT had$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliatesfiled voluntary petitions for relief under Chapter 11 of the UnitedStates Bankruptcy Code (Bankr. D.N.H. Lead Case No. 14-11916). GTsays that it has sought bankruptcy protection due to a severeliquidity crisis brought about by its issues with Apple.

The U.S. Trustee has named seven members to the Official Committeeof Unsecured Creditors. The Committee' professionals are KelleyDrye as its bankruptcy counsel; Devine, Millimet & Branch,Professional Association as local counsel; EisnerAmper LLP asfinancial advisors; and Houlihan Lokey Capital, Inc. as investmentbanker.

GTAT has reached a settlement with Apple. The settlement givesApple an approved claim for $439 million secured by more than 2,000sapphire furnaces that GT Advanced owns and has four years to sell,with proceeds going to Apple. In addition, Apple getsroyalty-free, non-exclusive licenses for GTAT's technology.

This rating action concludes the review for downgrade initiated onOctober 31, 2014 and removes the Bonds from review for downgrade.

Summary Rating Rationale

The downgrade is based on expected loss estimates. A revenueinsufficiency is projected on 8/1/2019 due to a mismatch betweenthe maturity of the credit-enhanced mortgage on May 1, 2019 andfinal bond maturity on February 1, 2020.

The B3 rating reflects the potential shortfall of $45,000, whichamounts to an expected loss of 4% relative to the current bondsoutstanding. Moody's project the expected loss as a percentage ofbonds outstanding will increase as the bonds are paid offsemi-annually in accordance with its mandatory sinking fundredemptions. As the expected loss as a percentage increases, therating is expected to be lowered to reflect the program's weakeningcredit profile which is measured by the higher expected losses as apercentage. Expected losses could be as high as 29% in 2019.

STRENGTHS

* Mortgage is enhanced by a Fannie Mae Credit Enhancement Instrument which is backed by the full faith and credit of the US (Aaa stable)

CHALLENGES

* Revenues cease on 5/1/2019 when mortgage matures but final bond

maturity occurs 15 months later on 8/1/2020.

* Asset-to-debt ratio is currently at 98.4% and expected to deteriorate further.

* Relatively short time to bond maturity does not allow for rising interest rates to improve performance in a material way.

What Could Change the Rating UP

-- An infusion of assets that increases asset-to-debt ratio to above 100% and eliminates a projected revenue insufficiency.

Counsel for the Debtors are authorized to take all stepsappropriate and necessary to dissolve the Debtors prior to andafter the effective date.

All post-settlement fees incurred by Cerner Corporation are allowedand shall be paid in full, and (ii) all pre-settlement,post-petition administrative claims of Cerner Corporation areallowed in full and shall be paid pro-rata with all other allowedadministrative claims in the jointly-administered cases, the Courtruled.

As reported in the Dec. 18, 2014 edition of the Troubled CompanyReporter, Cerner Corporation, a creditor and party-in-interest ofone or more of the Debtors, objected to the motion until its claimis paid. Cerner said that it is in all creditors' best interest toconvert the cases or not dismiss the cases until allnon-professional administrative creditors are paid.

About Hawaii Medical Center

The Hawaii Medical Center, along with its affiliates, filed forChapter 11 bankruptcy (Bankr. D. Hawaii Lead Case No. 11-01746) onJune 21, 2011, just a year after exiting court protection. HawaiiMedical Center owns two hospital campuses -- HMC East in NorthHonolulu and HMC West in Ewa Beach. The two hospitals have 342licensed beds and have a total of more than 1,000 employees. Thehospitals were known as St. Francis Medical Center before HawaiiMedical purchased the hospitals in 2007.

Judge Robert J. Faris presides over the 2011 case. Lawyers atMoseley Biehl Tsugawa Lau & Muzzi, in Honolulu, Hawaii, andMcDonald Hopkins LLC, in Cleveland, Ohio, serve as the Debtors'counsel. The Debtors' financial advisors are Scouler & Company,LLC. In its 2011 petition, Hawaii Medical Center estimated$50 million to $100 million in assets and $100 million to $500million in debts. The petitions were signed by Kenneth J. Silva,member of the board of directors.

The Debtors' prepetition debt structure is comprised of (i) thePrepetition Revolving Loan with MidCap Financial, LLC, and thePrepetition Term Loan with St. Francis Healthcare Systems ofHawaii. As of the Petition Date, the aggregate outstandingprincipal on the Prepetition MidCap Revolving Loan and thePrepetition St. Francis Term Loan is $46,851,772. The principalbalance of the Prepetion MidCap Revolving Loan is $7,676,495. Theamount owed under the Prepetition St. Francis Term Loan is$39,175,277, secured by St. Francis's first priority lien on,among other things, all real property of the Debtors.

Through the Chapter 11 filing, the Debtors plan to return thehospitals to the control of St. Francis.

In the prior case, HMC and its affiliated debtors were convertedto new, Hawaii non-profit corporations. CHA Hawaii, one of HMC'saffiliated debtors and a subsidiary of Cardiovascular Hospitals ofAmerica LLC, discontinued management of the reorganized Debtors.

Wichita, Kansas-based CHA Hawaii LLC, and its affiliates --including Hawaii Medical Center LLC -- filed for Chapter 11protection on Aug. 29, 2008 (Bankr. D. Del. Case No. 08-12027).Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLPrepresented the Debtors in their restructuring efforts. CHAHawaii estimated assets of up to $10 million and debts between$50 million and $100 million when it filed for bankruptcy. TheDebtors obtained confirmation of their Chapter 11 plan in May 2010and emerged from bankruptcy in August 2010.

The Debtor disclosed $74,713,475 in assets and $91,599,563 inliabilities as of the Chapter 11 filing.

-- In August 2014, Fitch upgraded HCA's Issuer Default Rating (IDR) to 'BB-' and affirmed the rating on HCA's various debt

issues. The upgrade reflects improved financial flexibility

achieved through organic growth in EBITDA as well as proactive capital structure management, and a more predictable capital deployment strategy under public ownership.

-- The sponsors of a 2006 LBO previously directed HCA's financial strategy, but their ownership has been steadily decreasing since a 2011 IPO and HCA recently appointed four new independent members to the 13-member board of directors (BOD), bringing the total to seven. There was also a transition in senior management during the past year; the company appointed a new CEO and CFO, with both roles filled by individuals with a long tenure at the company.

-- Under the direction of the LBO sponsors, HCA's ratings were constrained by shareholder-friendly capital deployment; the company has funded $7.4 billion in special dividends and several large repurchases of the sponsors' shares since 2010.

Fitch thinks that HCA will have a more consistent and predictableapproach to funding shareholder payouts under public ownership andan independent BOD.

-- HCA generates consistent and ample discretionary FCF (operating cash flows less capital expenditures and distributions to minority interests). Fitch forecasts that HCA will produce discretionary FCF of about $1.8 billion in 2015, and will prioritize use of cash for acquisitions and share repurchases. At 3.9x, HCA's total debt to EBITDA is below the average of the group of publicly traded hospital companies and Fitch does not believe that there is a compelling financial incentive for HCA to apply cash to debt

reduction.

-- HCA's liquidity profile is solid. At Sept. 30, 2014, HCA's liquidity included $515 million of cash on hand, $2.2 billion of available capacity on its bank facility revolving

loans and LTM discretionary FCF of about $1.5 billion. HCA's LTM EBITDA to gross interest expense was solid for the

the company good market access to refinance the upcoming maturities. Large maturities include $900 million and $1 billion of HCA Inc. unsecured notes in 2015 and 2016, respectively, and $1.2 billion of bank term loans maturing in 2016. Proceeds of the proposed notes issuance will be used to refinance a portion of the 2015 unsecured notes maturities.

-- Measured by revenues, HCA is the largest operator of for- profit acute care hospitals in the country, with a broad geographic footprint. The company benefited from this favorable operating profile during a period of several years

of weak organic operating trends in the for-profit hospital industry. Although operating trends have improved industry wide during 2014, secular challenges, including a shift to lower cost care settings and payor scrutiny of hospital care, will continue to be a headwind to sustained organic growth in the sector.

RATING SENSITIVITIES

Maintenance of the 'BB-' IDR considers HCA operating with totaldebt to EBITDA below 4.5x, and with a FCF margin of 4% or higher. Adowngrade of the IDR to 'B+' is unlikely in the near term, sincethese targets afford HCA with significant financial flexibility toincrease acquisitions and still apply some cash to sharerepurchases, which Fitch thinks will be the priorities for capitaldeployment going forward.

If HCA commits to operate with leverage below 4.0x, it couldsupport an upgrade of the IDR to 'BB'. In addition to a commitmentto operate with lower leverage, sustained improvement in organicoperating trends in the hospital industry would support a higherrating for HCA. Fitch believes the hospital industry may postanother couple of quarters of above trend growth in patient volumesas the positive effects of the Affordable Care Act gain a bit moremomentum early in 2015. Over the longer term, positive organicgrowth in inpatient admissions is probably not sustainable partlybecause of pressure by health insurers to reduce volumes ofshort-stay admissions and rates of hospital readmissions.

The secured debt rating is two notches above the IDR, illustratingFitch's expectation of superior recovery prospects in the event ofdefault. The first-lien obligations, including the bank debt andthe first-lien secured notes, are guaranteed by all material whollyowned U.S. subsidiaries of HCA, Inc. that are 'unrestrictedsubsidiaries' under the HCA Inc. unsecured note indenture datedDec. 16, 1993.

The HCA Inc. unsecured notes are rated at the same level as the IDRdespite the substantial amount of secured debt to which they aresubordinated, with secured leverage of 2.6x at Sept. 30, 2014.Fitch often notches ratings on unsecured debt obligations below theIDR level when secured debt leverage is greater than 2.5x. However,the strength and stability of HCA's cash flows supports anexpectation of at least average recovery for these lenders relativeto historical rates in an event of default, resulting in a ratingat the same level as the IDR. If HCA were to layer more secureddebt into the capital structure, such that secured debt leverage isgreater than 3.0x, it could result in a downgrade of the rating onthe HCA Inc. unsecured notes to 'B+'.

The HCA Holdings Inc. unsecured notes are rated two notches belowthe IDR to reflect the substantial structural subordination ofthese obligations, which are subordinate in right of payment to alldebt outstanding at the HCA Inc. level. At Sept. 30, 2014,leverage at the HCA Inc. and HCA Holdings Inc. level was 3.5x and3.9x, respectively.

HCA INC: Moody's Assigns B2 Rating on New $750MM Unsecured Notes----------------------------------------------------------------Moody's Investors Service assigned a B2 (LGD 5) rating to theproposed offering of $750 million of senior unsecured notes due2025 by HCA, Inc. Moody's understands that the proceeds of theoffering will be used predominantly to repay borrowings under thecompany's revolving credit facility that will be used in connectionwith the repayment of the company's $750 million 6.375% seniornotes that mature on January 15, 2015. HCA, Inc. is a wholly ownedsubsidiary of HCA Holdings, Inc. (collectively HCA or thecompany).

HCA's ratings, including the company's Ba3 Corporate Family Ratingand Ba3-PD Probability of Default Rating, assigned at HCA Holdings,Inc., remain unchanged as Moody's does not anticipate a meaningfulchange in leverage from this refinancing transaction. The stablerating outlook is also unchanged.

The following rating has been assigned.

Issuer: HCA, Inc.

Senior unsecured notes due 2025, at B2 (LGD 5)

Ratings Rationale

HCA's Ba3 Corporate Family Rating reflects Moody's expectation thatHCA's scale and dominant market strength will allow the company tocontinue to grow revenue and maintain healthy EBITDA margins. HCA'sscale and position as the largest for-profit hospital operator interms of revenue aids its ability to leverage investments andresources needed to adapt to changes in the sector and weatherindustry challenges. While Moody's anticipates that the companywill continue to return capital to shareholders in lieu of debtrepayment, the rating agency expects that HCA will generatesufficient cash to fund moderate sized acquisitions with littledetrimental impact on credit metrics. Moody's expects that thecompany will operate with debt to EBITDA in the range of 4.5 to 5.0times.

Moody's could upgrade the ratings if HCA realizes continuedearnings growth or repays debt such that debt to EBITDA is expectedto be maintained below 4.0 times. Additionally, Moody's would haveto see the company maintain a conservative financial profile priorto considering an upgrade, including limiting increases in leveragefor shareholder distributions or share repurchases.

If the company experiences a deterioration in operating trends, forexample, negative trends in same-facility adjusted admissions orsame-facility revenue per adjusted admission, Moody's coulddowngrade the ratings. Additionally, Moody's could downgrade theratings if the company incurs additional debt to fund shareholderdistributions or acquisitions so that debt to EBITDA is expected tobe sustained above 5.0 times.

The principal methodology used in this rating was Global HealthcareService Providers published in December 2011. Other methodologiesused include Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.

HCA Inc. is a wholly owned subsidiary of HCA Holdings, Inc.(collectively HCA). Headquartered in Nashville, Tennessee, HCA isthe nation's largest acute care hospital company as measured byrevenue. A portion of the equity of HCA is still held by privateequity firms Bain Capital and KKR as well as members of management.The company generated revenue in excess of $36 billion, net of theprovision for doubtful accounts, in the twelve months endedSeptember 30, 2014.

At the same time, S&P assigned its 'B+' issue-level rating and '6'recovery rating to HCA's proposed $750 million issue of seniorunsecured notes due 2025. The '6' recovery rating on this debt isthe same as the recovery rating on HCA's existing unsecured debt.

S&P also raised its ratings on HCA's existing senior secured debtand senior unsecured debt to reflect the corporate credit ratingupgrade. S&P raised the rating on company's senior secured debt'BBB-' from 'BB', reflecting the raised corporate credit rating.The recovery rating on this debt remains '1', reflecting S&P'sexpectation for very high (90% to 100%) recovery in the event ofdefault. In addition, S&P raised the rating on HCA's existingsenior unsecured debt to 'B+' from 'B-', which also reflects thecorporate credit rating upgrade. The recovery rating on this debtremains '6', reflecting S&P's expectation for negligible (0% to10%) recovery in the event of default.

"The two-notch upgrade to our corporate credit rating on HCAreflects the company's significant outperformance this yearrelative to our base-case forecasts," said Standard & Poor's creditanalyst Shannan Murphy. It also incorporates S&P's assessment thatthe company's business risk profile has improved, reflecting S&P'sbelief that HCA's scale and diversified business mix provide acompetitive advantage in negotiating contracts and managingreimbursement uncertainty over time. While S&P believes HCA andits peers will experience increased margin pressure due to slowerreimbursement growth, S&P expects HCA to be better able to offsetthese pressures given its scale and business diversity, resultingin less earnings and cash flow volatility relative to peers. Atthe same time, S&P's rating action incorporates its increasedconfidence that HCA will be able to pursue its growth objectiveswhile maintaining leverage below 5x, in part due tohigher-than-expected EBITDA growth over the past few quarters.

S&P's stable outlook reflects its expectation that HCA's financialpolicies will remain shareholder friendly, but that EBITDAexpansion over the past few quarters should allow the company topursue its return objectives while maintaining leverage below 5xover time.

S&P could lower the rating in the unlikely event that EBITDAmargins contract by about 450 basis points, to around 14.5%. Forthis to occur, S&P believes there would need to be a significantnegative shift in reimbursement rates. S&P's could also lower therating if the company becomes significantly more aggressive in itsgrowth objectives, pursuing debt-financed share buybacks oracquisitions that result in leverage sustained above 5x for anextended period of time. Assuming no acquired EBITDA, S&Pestimates that there is around $9 billion of debt capacity at thecurrent rating.

S&P could raise the rating if HCA adopts more conservativefinancial policies, highlighted by a commitment to sustain debt toEBITDA around 3.5x over time. While S&P believes that HCA couldachieve these metrics over the next year by prepaying about $3billion of debt, S&P believes that the company is likely to usesome of the debt capacity created by an increase in EBITDA toreward shareholders and to grow its market position in aconsolidating industry.

HEI INC: Has Interim Authority to Use Cash Collateral-----------------------------------------------------Judge Kathleen H. Sanberg of the U.S. Bankruptcy Court for theDistrict of Minnesota gave HEI, Inc., interim authority to usecash, including cash collateral, that may be subject to liens infavor of Wells Fargo Bank, National Association, through the end ofthe week beginning Jan. 19, 2015.

As of Jan. 1, 2015, the outstanding amount of the Debtor'sobligations to the Prepetition Lender totaled approximately $2.99million, plus accrued and unpaid interest, fees, expenses, andother costs.

As adequate protection, the Debtor proposes to grant thePrepetition Lender a replacement lien in the Prepetition Lender'scollateral to the extent of cash collateral used; make periodicpayments of interest and, when realized, sale proceeds; maintainthe equity cushion; maintain all insurance; utilize one or morebank accounts maintained at the Prepetition Lender's institution;and operate and sell assets so as to realize the highest possiblevalue of the assets.

A hearing on the portion of the Debtor's cash collateral requestseeking a final order will be held on Jan. 21, 2015, at 1:30 p.m. Any response to the motion for a final order must be filed no laterthan Jan. 16.

The Debtor has tapped James L. Baillie, Esq., James C. Brand, Esq.,and Sarah M Olson, Esq., at Fredrikson & Byron P.A., as counsel;Alliance Management as business and financial consultant; andWinthrop & Weinstine, P.A., as special counsel.

The U.S. Trustee has appointed three members to the OfficialCommittee of Unsecured Creditors.

HEI INC: Seeks Sale of Assets to HT Electronics for $2.8-Mil.-------------------------------------------------------------HEI, Inc., seeks authority from the U.S. Bankruptcy Court for theDistrict of Minnesota to sell its assets and approve proceduresgoverning the bidding and sale of its assets.

The Debtor has entered into an asset purchase agreement with HTElectronics, LLC, for the purchase of the Victoria Division assets,the Tempe Division assets, and all inventory for a combinedpurchase price of $2,805,000. The sale to HT does not include theDebtor's real estate located in Victoria, Minnesota, the BoulderDivision machinery and equipment, or the Debtor's accountsreceivable.

The Debtor propose to conduct an auction on Feb. 4, 2015. If noqualified bid is received other than the Stalking Horse Bid, noauction will take place.

The Debtor tells the Court that although HT Electronics has offeredto purchase the Victoria, Minnesota real estate and the accountsreceivable, the Debtor has determined that it can obtain a greatervalue by selling and collecting such assets itself. The Bouldermachine and equipment has been excluded from the transaction as theDebtor is working to complete a separate transaction with asubsidiary of a Tier 1 Medical Company that is a customer.

The Court will hold a hearing on Feb. 5, 2015, to approve the saleof the Debtor's assets and the assumption and assignment ofcontracts and leases. Any objection to the sale of the assets mustbe served no later than Jan. 31.

The Debtor has tapped James L. Baillie, Esq., James C. Brand, Esq.,and Sarah M Olson, Esq., at Fredrikson & Byron P.A., as counsel;Alliance Management as business and financial consultant; andWinthrop & Weinstine, P.A., as special counsel.

The U.S. Trustee has appointed three members to the OfficialCommittee of Unsecured Creditors.

HEI INC: U.S. Trustee Names 3 Members to Creditors' Committee-------------------------------------------------------------Daniel M. McDermott, U.S. Trustee for Region 21, notified the U.S.Bankruptcy Court for the District of Minnesota that three memberswere appointed to the Official Committee of Unsecured Creditors inthe Chapter 11 case of HEI, Inc.

HOLY HILL: Bid to Hire Jaenam Coe as Counsel Faces Challenge------------------------------------------------------------Peter C. Anderson, the U.S. Trustee, asks the Hon. Julia Brand ofthe U.S. Bankruptcy Court for the Central District of California todeny Holy Hill Community Church's motion to employ the Law Officesof Jaenam Coe PC as general bankruptcy counsel.

Parker Mills, LLP and the Law Offices of Carl Sohn, securedcreditors of the Debtor and W. Dan Lee and Richard T. Baum,attorneys for the Debtor, also filed objections to the proposedemployment of Jaenam Coe.

According to the U.S. Trustee, because the Debtor's management isfractionalized, any proposed representation of the Debtor by JaenamCoe presents an unavoidable conflict. The firm cannot be loyal tothe interests of the "the Debtor" as a whole when it only purportsto represent one faction of "the Debtor."

Parker Mills, LLP and the Law Offices of Carl Sohn claimed that theDebtor is not entitled to employ counsel pursuant to 11 U.S.C.section 327. This Debtor is no longer a debtor-in-possession, theyargued, despite the claim in the Application that it remains adebtor-in-possession. As a result of the Trustee's appointment, theDebtor has no right to employ counsel pursuant to Sections 327(a)and 1107(a), and such counsel has no right to payment pursuant toSection 330.

W. Dan Lee and Richard T. Baum stated that since the Debtor is notin possession of its estate, the Debtor is no longer a real partyin interest which can seek the employment of counsel for theestate. They added that the Debtor has not substituted Lee andBaum out as its attorneys, and the parties seeking to do so are notauthorized to act on behalf of the Debtor.

As reported in the Troubled Company Reporter, Jaenam Coe isexpected to provide these services:

A. Advise the Debtor concerning its rights and duties under Section 1107 of the Bankruptcy Code;

B. Represent the Debtor in any proceeding or hearing in bankruptcy court; and

C. Assist the Debtor in negotiation and confirmation of a plan of reorganization.

Holly Hill Community Church, aka Holy Hill Community Church, aprotestant church in Los Angeles, filed for Chapter 11 protection(Bankr. C.D. Cal. Case No. 14-21070) on June 5, 2014. In itsPetition, Holly Hill, a California non-profit corporationincorporated for the purposes of conducting religious activitiesas a protestant Christian church, disclosed $35,390,787 in totalassets and $16,727,290 in total liabilities.

John Jenchun Suh, the pastor and CEO of the church, signed thebankruptcy petition. W. Dan Lee of the Lee Law Offices, in LosAngeles, is representing the Debtor as counsel. Judge Julia W.Brand presides over the case.

Richard J. Laski has been appointed to serve as Chapter 11 trusteein the Debtor's case. The Trustee has tapped Arent Fox LLP toserve as his bankruptcy counsel, and Wilshire Partners of CA, LLC,as accountant.

HORIZON LINES: Secures Emissions Control Permit-----------------------------------------------Horizon Lines, Inc., has received a permit providing a conditionalwaiver from the North American Emissions Control Area (ECA) fuelsulfur content requirements of MARPOL Annex VI regulation 14.4. Thepermit is in force while Horizon pursues installation of ExhaustGas Cleaning System (EGCS) on each of its three D7-class vesselswhich operate in the Alaska trade. The permit was issued by theUnited States Coast Guard (USCG) and the U.S. EnvironmentalProtection Agency (EPA) and became effective in 2015. The permitwill allow these Horizon vessels to use low-sulfur heavy fuel oilin their main engines while operating between Washington state andAlaska, subject to compliance with other terms and restrictions ofthe permit. Horizon is committed to operating its vessels andterminals in accordance with all environmental regulations, andcontinuing to serve its customers in the most efficient andreliable means possible.

Further, Horizon has entered into a supply agreement with AlfaLaval Aalborg Nijmegen BV for design and procurement of the PureSox2.0 EGCS for the three Horizon D7-class vessels which operate inthe Alaska trade. This Alfa Laval EGCS is a multiple inlet hybridsystem which will clean the exhaust gas from the main engine aswell as the main generators, and is the first system of its kindfor a Jones Act container vessel. Horizon expects to incur a totalof approximately $18 million of capital spending in connection withthe EGCS for the three vessels. Installation of the first systemis planned to begin on the Horizon Kodiak in September 2015, andcompletion of the project is expected by Dec. 31, 2016.

This EGCS project represents a significant investment for Horizonand will be developed and installed in close coordination with AlfaLaval, the American Bureau of Shipping, and the U.S. regulatoryagencies. Horizon values the partnership with the EPA and the USCGin supporting the advancement of this exhaust gas cleaning systemsproject, and looks forward to sharing the knowledge and experiencegained during the evolution of this project with the maritimeindustry.

About Horizon Lines

Horizon Lines, Inc., is a domestic ocean shipping company and theonly ocean cargo carrier serving all three noncontiguous domesticmarkets of Alaska, Hawaii and Puerto Rico from the continentalUnited States. The company owns a fleet of 13 fully Jones Actqualified vessels and operates five port terminals in Alaska,Hawaii and Puerto Rico. A trusted partner for many of thenation's leading retailers, manufacturers and U.S. governmentagencies, Horizon Lines provides reliable transportation servicesthat leverage its unique combination of ocean transportation andinland distribution capabilities to deliver goods that are vitalto the prosperity of the markets it serves. The company is basedin Charlotte, NC, and its stock trades on the over-the-countermarket under the symbol HRZL.

For the year ended Dec. 22, 2013, the Company reported a net lossof $31.9 million following a net loss of $94.7 million for theyear ended Dec. 23, 2012.

The Company's balance sheet at Sept. 21, 2014, showed $628 millionin total assets, $690.5 million in total liabilities and a$62.2 million total stockholders' deficit.

* * *

In June 2012, Moody's Investors Service affirmed Horizon Lines,Inc.'s Corporate Family Rating (CFR) and Probability of DefaultRating ("PDR") at Caa2 and removed the LD ("Limited Default")designation from the rating in recognition of the conversion toequity of the $228 million of Series A and Series B ConvertibleSenior Secured notes due in October 2017 ("Notes").

Moody's said the affirmation of the Corporate Family andProbability of Default ratings considers that total debt has beenreduced by the conversion of the Notes, but also recognizes thesignificant operating challenges that the company continues toface.

HMC has approximately $3.4 million outstanding on its series 2011direct placement, which Fitch does not rate.

The Rating Outlook has been revised to Positive from Stable.

SECURITY

Debt payments are secured by cash rentals (net revenues of HMC)made to the Authority, acting through its Board of HospitalManagers, on behalf of HMC as agreed under the eighth amended andrestated contract of lease dated Feb. 1, 2013. Also, there is afully funded debt service reserve fund.

KEY RATING DRIVERS

IMPROVEMENT TO FINANCIAL PROFILE: The Positive Outlook reflectsHurley Medical Center's (HMC) operating profile and liquidityposition in fiscal 2014, which has improved since last review andcontinues to show improvement through the three month interimperiod ending Sept. 30, 2014. An operating margin of 0.6% waspositive for the first time in four fiscal years as a result ofcontinued focus on expense management and year-over-year growth inboth inpatient and outpatient volumes. Liquidity showed markedimprovement in fiscal 2014 from the prior year, reflectinggovernmental payment adjustments, Medicaid DSH redistribution,county health plan annual inpatient reimbursement and stabilizationof IT systems, noticeably reducing accounts receivable. Thecontinued positive momentum to its financial profile over the nexttwo audit cycles could result in upward rating movement.

FOCUS ON POPULATION HEALTH: As an essential provider in the servicearea, HMC is working to transform health in the surroundingcommunities and has partnered with local community organizations toimprove health literacy and screening. Additionally, HMC isfocusing on its ambulatory strategy to provide lower cost care inmore convenient settings. HMC has converted the former emergencydepartment (ED) to an urgent care center, which is a lower-costalternative to the ED.

CHALLENGING PAYOR MIX: Located in Flint, Michigan, HMC operates ina competitive service area with below-average socioeconomicindicators, subjecting the hospital to elevated levels ofgovernment payors, with Medicaid at a very high 43.9% of grossrevenues in fiscal 2014. However, the expansion of Medicaid inMichigan should benefit HMC.

GOOD DEBT SERVICE COVERAGE: HMC's debt profile is manageable withall fixed-rate debt and MADS at 3% of fiscal 2014 revenue. MADScoverage by EBITDA was good for the category at 2.4x in fiscal 2014and improved from 1.8x in fiscal 2013 and has further improved to2.8x at Sept. 30, 2014.

RATING SENSITIVITIES

CONTINUED LIQUIDITY IMPROVEMENT: Further improvement to the balancesheet combined with sustained operating profitability and soliddebt service coverage levels over the next two fiscal years couldlead to upward rating movement. While not anticipated, a limitingfactor could be a significant shift in reimbursement level ormethodology under Medicare and Medicaid as this represents asignificant portion of revenue.

CREDIT PROFILE

HMC is a 443-bed acute care teaching hospital with safety-netprovider status located in Flint, MI. HMC had approximately $373.4million of total revenue in fiscal 2014. A safety-net teachinghospital, HMC is the only provider in the region of Level I Trauma,Level II Pediatric Trauma and Level III Neonatal Intensive Care,among other services. HMC has an active outreach effort with manycommunity organizations and is focusing on improving communityhealth.

IMPROVEMENT TO FINANCIAL PROFILE

HMC's liquidity position has improved significantly since lastreview. At September 30, 2014 (three month interim) HMC had $83.8million in unrestricted cash and investments, equal to 81.4 dayscash on hand, 7.5x cushion and 85.6% cash to debt, all improvedfrom 61.1 days, 5.4x and 55.7%, respectively, in fiscal 2013.Improvement in liquidity was driven by positive governmentalpayment adjustments, Medicaid DSH redistribution and county healthplan annual inpatient reimbursement. In addition, stabilized ITsystems noticeably reduced accounts receivable (AR), with days inAR declining to 49.9 in fiscal 2014 and 39.9 at September 30, 2014from 58.1 in fiscal 2013.

Hurley is budgeting about $15 million in capital in fiscal 2015,which Fitch believes is manageable. HMC is a governmental entity soits investment portfolio is very conservative as investments arerestricted to government-issued fixed-income securities. No plansfor additional debt coupled with continued stable operating resultsshould lead to continued improvement to liquidity over the nearterm. Positive rating momentum is possible if HMC's financialprofile continues to improve over the next 18-24 months andfinancial metrics meet or exceed 'BBB' category medians. While notanticipated, a limiting factor to positive rating momentum could bea significant shift in reimbursement level or methodology underMedicare and Medicaid as this represents a significant portion ofrevenue.

HMC has approximately $98 million in debt outstanding, which is allfixed-rate. The debt burden is manageable with MADS equaling 3% offiscal 2014 revenue. MADS of approximately $11.2 million isfront-loaded and decreases to about $5.5 million in 2021. MADScoverage by EBITDA was 2.4x in fiscal 2014 and 2.8x through thethree month interim, an improvement from 1.9x in fiscal 2013 and1.7x in fiscal 2012.

HMC has been heavily investing in its plant over the last fewyears, with capital expenditures averaging a high 181% ofdepreciation expense from 2012-2014. Capital spending is now moremoderate and was only 68.6% of depreciation in fiscal 2014. HMC'smost recent large capital project was the expansion of its ED toaccount for high volumes that could not be accommodated in itsformer space. This project was successful and the expansion andredesign have allowed for improved patient flow, operatingefficiencies and improved patient care.

CHALLENGING ECONOMIC ENVIRONMENT

Located in Flint, Michigan, HMC operates in an economicallydistressed service area with a challenging payor mix. A high 43.9%of gross revenues were derived from Medicaid and 29.1% fromMedicare in fiscal 2014 but the expansion of Medicaid in Michiganshould benefit the hospital. In fiscal 2014, HMC receivedapproximately $15.5 million in Medicare DSH funding and about $12.7million in Medicaid DSH funding. Significant reduction to DSHpayments represents a potential credit risk.

IDERA PHARMACEUTICALS: Files Copy of Presentation Materials-----------------------------------------------------------Idera Pharmaceuticals, Inc., has included on its Web site anupdated corporate slide presentation, which it intends to presentor distribute to the investment community and utilize in variousindustry and other conferences. The corporate slide presentationis accessible in the Investors and Media section of the Company'sWeb site at www.iderapharma.com, and is available for free at:

Cambridge, Massachusetts-based Idera Pharmaceuticals, Inc., is aclinical stage biotechnology company engaged in the discovery anddevelopment of novel synthetic DNA- and RNA-based drug candidatesthat are designed to modulate immune responses mediated throughToll-like Receptors, or TLRs. The Company has two drugcandidates, IMO-3100, a TLR7 and TLR9 antagonist, and IMO-8400, aTLR7, TLR8, and TLR9 antagonist, in clinical development for thetreatment of autoimmune and inflammatory diseases.

Idera Pharmaceuticals reported a net loss of $18.2 million in2013, a net loss of $19.24 million in 2012, and a net loss of$23.8 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed$60.6 million in total assets, $7.81 million in total liabilities,and $52.8 million in total stockholders' equity.

IMAGEWARE SYSTEMS: To Sell $12 Million Worth of Securities----------------------------------------------------------Imageware Systems, Inc., filed a Form S-3 registration statementwith the U.S. Securities and Exchange Commission relating to thesale of an aggregate of $12 million in any combination of commonstock, preferred stock, warrants and units.

The Company will provide a more specific terms of these securitiesin one or more supplements to this Prospectus.

The Company's common stock is quoted on the OTCQB under the symbol"IWSY". The last reported sale price of the Company's common stockon Jan. 8, 2015, was $2.23 per share.

A full-text copy of the Form S-3 registration statement isavailable for free at http://is.gd/cTPm2I

About ImageWare Systems

Headquartered in San Diego, California, ImageWare Systems, Inc.,is a leader in the emerging market for software-based identitymanagement solutions, providing biometric, secure credential, lawenforcement and enterprise authorization. Its "flagship" productis the IWS Biometric Engine. Scalable for small city business orworldwide deployment, the Company's biometric engine is a multi-biometric platform that is hardware and algorithm independent,enabling the enrollment and management of unlimited populationsizes. The Company's identification products are used to manageand issue secure credentials, including national IDs, passports,driver licenses, smart cards and access control credentials. Itslaw enforcement products provide law enforcement with integratedmug shot, fingerprint LiveScan and investigative capabilities.The Company also provides comprehensive authentication securitysoftware.

Imageware Systems incurred a net loss of $9.84 million in 2013, anet loss of $10.2 million in 2012 and a net loss of $3.18 millionin 2011.

As of Sept. 30, 2014, the Company had $5.67 million in totalassets, $4.51 million in total liabilities and $1.15 million intotal shareholders' equity.

A copy of Judge Godoy's Jan. 7, 2015 Opinion and Order is availableat http://is.gd/uaOekWfrom Leagle.com.

Investments GP & SR, Inc., based in Mayaguez, Puerto Rico, filedfor Chapter 11 bankruptcy (Bankr. D.P.R. Case No. 14-03214) onApril 23, 2014. Gloria M Justiniano Irizarry, Esq., at theJustiniano's Law Office, served as counsel to the Debtor. In itspetition, the Debtor stimated $1 million to $10 million in bothassets and liabilities. The petition was signed by Ovidio JoseGarcia Amador, president. A list of the Debtor's three largestunsecured creditors is available for free athttp://bankrupt.com/misc/prb14-03214.pdf

IBRC and Dwyer commenced adversary proceedings against Drumm, theformer chief executive of the failed Anglo Irish Bank Corp.,alleging that Drumm, under oath, knowingly and fraudulently failedto disclose and otherwise concealed prepetition transfers to hiswife of cash and real estate that would be subject to avoidance andrecovery in bankruptcy.

Drumm admits many of the misrepresentations but denies that theywere knowing or fraudulent.

"Finding Drumm not remotely credible and his conduct both knowingand fraudulent, I conclude that the Plaintiffs have establishedcause to deny him a discharge many times over. Drumm's statementsto this Court were replete with knowingly false statements,failures to disclose, efforts to misdirect, and outright lies. Suchconduct disqualifies a debtor from the privilege of a discharge inour system of bankruptcy," Judge Bailey said.

Drumm filed a voluntary Chapter 7 petition on October 14, 2010, inU.S. Bankruptcy Court. Dwyer was appointed trustee in the case onOctober 15, 2010 and since then has served continuously in thatcapacity.

IBRC was formerly known as Anglo Irish Bank and, under that name,was a commercial bank in Ireland. From 2005 through most of 2008,Drumm was its chief executive officer. After a catastrophic fewmonths for the bank, Drumm resigned this position on December 19,2008. The bank was nationalized in January 2009, renamed more thanonce, and entered into "special liquidation" under Irish law. It isnow referred to as "Irish Bank Resolution Corporation Limited (inSpecial Liquidation)."

On the Petition Date, Drumm was indebted to IBRC in an amountexceeding $11 million on account of loans made to him by the bank. IBRC is by far Drumm's largest creditor. Drumm does not disputeIBRC's standing to object to his discharge.

Irish Bank Resolution Corp., the liquidation vehicle for what wasonce one of Ireland's largest banks, filed a Chapter 15 petition(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protectU.S. assets of the former Anglo Irish Bank Corp. from beingseized by creditors. Irish Bank Resolution sought assistancefrom the U.S. court in liquidating Anglo Irish Bank Corp. andIrish Nationwide Building Society. The two banks failed and weremerged into IBRC in July 2011. IBRC is tasked with winding themdown and liquidating their assets. In February, when Irishlawmakers adopted the Irish Bank Resolution Corp., IBRC wasplaced into a special liquidation in the Irish High Court tocomplete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfoliovalued at some EUR25 billion (US$33.5 billion). About 70 percentof the loans were to Irish borrowers. Some 5 percent of theportfolio was under U.S. law, according to a court filing. Totalliabilities in June 2012 were about EUR50 billion, accordingto a court filing.

Most assets in the U.S. have been sold already. IBRC is involvedin lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named thespecial liquidators.

ISC8 INC: Proposed Sale Subject to Overbid at Jan. 28 Auction-------------------------------------------------------------ISC8 Inc. is poised to sell substantially all of its assets freeand clear of all claims and interests under Section 363 of theBankruptcy Code in its Chapter 11 Case pending in the U.S.Bankruptcy Court for the Central District of California as Case No. 14-bk-15750-SC.

These include proprietary "cyber security" assets, representingmore than $70 million of invested capital, designed to thwart cyberinvaders AFTER they have infiltrated a system's defenses. As shownby highly publicized recent episodes of malicious infiltration ofnetwork systems, the damage occurs AFTER the invaders have scaledfirewalls and other exterior network defenses.

ISC8 is a pre-revenue stage public company that designs, developsand sells cyber-security products globally, and provides hardware,software and service offerings for malicious threat detection andnetwork forensics for enterprise customers. Products are installednation-wide with international resale partnerships.

ISC8's strategic and restructuring team is led by the Company'sChief Executive Officer, J. Kirsten Bay, a recognized leader in thetechnology and startup space, who joined the company in March 2014. Ms. Bay is being advised by ISC8's financial and restructuringadvisors Broadway Advisors, LLC and ISC8's legal counsel EzraBrutzkus Gubner LLP.

The Bankruptcy Court has scheduled the auction for Jan. 28, 2015,at the offices of its legal counsel, Ezra Brutzkus Gubner LLP,located at 21650 Oxnard Street, Suite 500, Woodland Hills, CA91367, subject to receiving Qualified Bids by the deadline of Jan. 25, 2015, at 5:00 p.m. The Sale Hearing is scheduled for Jan.29, 2015.

On Jan. 5, 2015, ISC8 signed a definitive asset purchase agreementwith a "stalking horse" group that includes insiders who are majorshareholders and creditors, whose bid has a value of approximately$8 million. That sale is subject to overbid at auction in theevent one or more qualified bids are received by the Bid Deadline. The minimum overbid amount is $8,251,941.

The EBG team of lawyers advising ISC8 is led by partners DavidSeror and Robyn B. Sokol, with a team that includes counsel SusanK. Seflin, partner Jerrold L. Bregman and associate JessicaBagdanov.

Inquiries should be directed to ISC8's financial and restructuringadvisor, Alfred M. Masse, as follows:

J & B Restaurant Partners said in a statement that it made thebusiness decision to close down the weaker Friendly's locations tohelp its other restaurants and exit bankruptcy.

Liherald.com quoted Robert Delevale, the director of leasing atBreslin Realty, which runs Willow Wood, as saying, "We are sad tosee an icon like Friendly's shut its doors. However, we will seeka suitable replacement for them, which will be in line with therecent update made to the center’s tenant mix and facaderenovation."

J & B Restaurant Partners of Long Island II, LLC, and certainaffiliates filed voluntary petitions for relief under Chapter 11 ofthe U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 15-22009) Jan.6, 2015, as part of its pre-negotiated and comprehensiverestructuring plan. The J & B petition was signed by JosephVitrano, president. Judge Robert D. Drain presides over the case. Michael P. Cooley, Esq., at Akin Gump Strauss Hauer & Feld LLP,serves as the Company's bankruptcy counsel. The Company estimatedits assets at between $500,000 and $1 million and its liabilitiesat between $10 million and $50 million.

JB VEGA CORPORATION: Section 341(a) Meeting Scheduled for Feb. 2----------------------------------------------------------------A meeting of creditors in the bankruptcy case of JB VegaCorporation will be held on Feb. 2, 2015, at 8:30 a.m. at SanAntonio Room 333. Creditors have until May 5, 2015, to file theirproofs of claim.

This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend. Thismeeting of creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors.

"The Court finds that the plaintiffs have not met their burden ofproving, by a preponderance of the evidence, that they are entitledto the relief they seek," the Court said.

In the lawsuit, the Fund seeks to obtain monetary contributionsthat the defendants allegedly failed to pay to the Fund as requiredby, inter alia, a collective bargaining agreement between NKS andthe International Longshoremen's Association, Local 976. The Fundalleges that defendants NKS and KSI are jointly and severallyliable to the Fund for unpaid contributions because, at allrelevant times, they had an alter ego or single employerrelationship. The Fund also alleges that Richard Kofsky and StephenKofsky are individually liable to the Fund for the unpaidcontributions because they conspired to defraud it of the requiredbenefit contributions by transferring assets from NKS to KSI,which, since KSI is not a signatory to the CBA, enabled them toconceal NKS's financial activity.

The lawsuit, which was commenced on December 24, 2008, has beenstayed against NKS following NKS's voluntary Chapter 7 bankruptcyfiling in the U.S. Bankruptcy Court for the Southern District ofNew York on July 24, 2009; and against KSI following its ownChapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 13-23207) also inBankruptcy Court in White Plains, New York on July 25, 2013.

The case is, TRUSTEES OF THE UNITED HEALTH AND WELFARE FUND,Plaintiffs, v. N. KOFSKY & SON, INC., KOFSKY & SON, INC. a/k/aKOFSKY & SON PLUMBING, STEPHEN KOFSKY and RICHARD KOFSKY,individually and jointly and severally, Defendants, NO. 08 CIV.11219 (KNF)(S.D.N.Y.). A copy of the Court's January 5, 2015Opinion and Order is available at http://is.gd/RGVdc5from Leagle.com.

LOVE CULTURE: Jan. 20 Hearing on Bid to Dismiss or Convert----------------------------------------------------------The Hon. Novalyn L. Winfield of the U.S. Bankruptcy Court for theDistrict of New Jersey will hold a hearing on Jan. 20, 2015, at11:00 a.m., at the United States Bankruptcy Court, 50 Walnut Streetin Newark, New Jersey, to consider the motion filed by Roberta A.DeAngelis, United States Trustee for Region 3, to convert theChapter 11 case of Love Culture Inc. to Chapter 7 case or, in thealternative, dismiss the Debtor's case.

According to the U.S. Trustee, the Debtor has failed to payquarterly fees totaling $20,016, due for the third quarter of 2014. Failure to pay any fees or charges required under Chapter 123 oftitle 28 of the Bankruptcy Code constitutes cause to dismiss thecase, the U.S. Trustee points out.

The U.S. Trustee says conversion would be in the best interest ofcreditors as it would result in the appointment of an independenttrustee who would liquidate any assets and investigate whetherthere are any avoidance causes of action which might lead to adistribution to creditors, the U.S. Trustee adds.

On July 23, 2014, the U.S. Trustee for Region 3 appointed GGPLimited Partnership, Simon Property Group Inc. and Washington PrimeGroup Inc., The Macerich Co., Lux Design & Construction Limited,and Touch Me Fashion Inc. to serve as members of the officialcommittee of unsecured creditors. New York-based law firm Cooley,LLP serves as the committee's counsel. FTI Consulting, Inc.,serves as the Committee's financial advisors.

The Debtor reported $90,198,494 in total assets, and $63,047,567 intotal liabilities.

The Debtor argues that Harold Pemstein, a creditor, had a totalclaim of $718,000, based on a California state court judgment,pre-petition interest, and an order by the bankruptcy court. TheDebtor further argues that he and joint debtor, Diana Pemstein,paid a total of $860,000 to Harold, and are thus owed $118,000 asan overpayment of the claim, plus interest.

Harold agrees with the total amount paid by the Debtors, butdisagrees with the Debtors' calculation of his claim, and arguesthat the resolution of any dispute over payment of the claim isbest left to the California state court. Harold also argues thatany overpayment would be exceeded by the interest on the Californiastate court judgment awarded to Harold if the bankruptcy courtdetermines the debt to be nondischargeable.

Judge Kwan agrees with Harold that this matter is best left to thestate court to decide.

A copy of Judge Kwan's January 6, 2015 Order is available athttp://is.gd/o9JUJufrom Leagle.com.

Martin Pemstein and Diana Pemstein, based in Newport Beach,California, filed for Chapter 11 bankruptc (Bankr. C.D. Cal. CaseNo. 10-15552) on April 28, 2010. Judge Robert N. Kwan oversees thecase. Nancy Knupfer, Esq., at Fredman Knupfer Lieberman LLP,serves as the Pemsteins' counsel. In theirpetition, the Pemsteins estimated $1 million to $10 million inassets, and under $1 million in debts. A list of the Company's 12largest unsecured creditors filed together with the petition isavailable for free at http://bankrupt.com/misc/cacb10-15552.pdf

On November 25, 2014, Metamining and Chen filed and properly serveda motion to dismiss all of Plaintiff's claims against them; thehearing on their motion is set for Jan. 16, 2015.

On Dec. 8, 2014, Armco filed and properly served its motion todismiss the claims against it; Armco's motion is also set forhearing on Jan. 16, 2015.

No opposition has been filed to either motion. Objections were dueJan. 2, 2015.

In its complaint, Plaintiff sought to enjoin a stock exchangebetween debtor Draco Resources, Inc. -- whose stock is 100% ownedby Metawise -- and Armco. However, Bankruptcy Judge Dennis Montaliruled that no stock transfer occurred prior to the petition dateand still has not occurred. At this juncture, Metawise will have toobtain court approval of a sale or transfer of its ownershipinterests in Draco, or at least give creditors and others partiesin interest of its intent to do so, either through a plan or amotion under 11 U.S.C. Sec. 363. Hence, the Court granted Armco'smotion to dismiss.

Plaintiff also sought a declaratory judgment that it "is the properparty to own and hold the 2% common stock in Metamining and all ofthe shares in Draco that were previously owned by Metawise,requiring Metawise to immediately turn over the 2% common stock inMetamining and all of the shares in Draco to SWS." Judge Montalisaid the automatic stay precludes further prosecution of this claimfor relief, as Schedule B, Item 13 reflect that Metawise owns 100%of Draco's stock and a 2% equity interest in Metamining, Inc.

Judge Montali also held that Plaintiff lacks standing to prosecuteits fraudulent transfer claims against Mr. Chen and Metamining (andothers), as those claims are property of the bankruptcy estate, andmust be prosecuted by an estate representative (usually a trustee,debtor-in-possession, or a creditors' committee) or by a partyauthorized by the court to pursue such relief.

Accordingly, Judge Montali granted both motions to dismiss and tookthe January 16 hearings off calendar.

The Court, in a second agreed supplement to the final orderauthorizing the Debtor's use of cash collateral, had granted theDebtor access to cash collateral until Dec. 31, 2014.

An agreement to extend cash collateral use was entered between theDebtor and its secured lender, National Republic Bank of Chicago.

Judge Robyn L. Moberly directed the Debtor to make an additionaladequate protection payment to NRB in the amount of $53,251 bySept. 2, 2014, the allocation of which will be subject to furtherCourt order.

The National Republic Bank of Chicago is represented by BoseMcKinney & Evans LLP and Stark & Stark, PC.

The Debtor estimated assets and debts at $10 million to$50 million. The petitions were signed by Bharat Patel, generalpartner.

NAKED BRAND: Files Investor Presentation----------------------------------------On Jan. 12, 2015, Naked Brand Group Inc. posted a corporatepresentation on its Web site, a copy of which is available for freeat http://is.gd/5VGKmO

The presentation includes a discussion about the Company's missionand legacy, management team, and products. The Company aims toincrease distribution, department store footprint and onlineretailing presence.

About Naked Brand

Naked Brand Group Inc. designs, manufactures, and sells men'sinnerwear and lounge apparel products in the United States andCanada. It offers various innerwear products, including trunks,briefs, boxer briefs, undershirts, T-shirts, and lounge pantsunder the Naked brand, as well as under the NKD sub-brand for men.The company sells its products to consumers and retailers throughwholesale relationships and direct-to-consumer channel, whichconsists of an online e-commerce store, thenakedshop.com. NakedBrand Group Inc. is based in New York, New York.

As at July 31, 2014, the Company had not yet achieved profitableoperations and expects to incur significant further losses in thedevelopment of its business, which casts substantial doubt aboutthe Company's ability to continue as a going concern, the Companystated in the quarterly report for the period ended July 31, 2014.

The Company's balance sheet at Oct. 31, 2014, showed $3.90 millionin total assets, $18.8 million in total liabilities, and a $14.8 million stockholders' capital deficit.

NASHVILLE BILTMORE: Exits Ch 11, To Procced With Bellevue Project-----------------------------------------------------------------Getahn Ward at The Tennessean reports that Nashville Biltmore LPsaid it will proceed with the Biltmore Ridges mixed-use project atInterstate 40 and McCrory Lane in Bellevue after resolving legalissues with its lender and emerging from Chapter 11 bankruptcy.

According to The Tennessean, plans call for an almost one millionsquare feet project to include 1,400 single family homes andtownhomes, retail shops, hotels, and medical office space.

Citing Frank Deleo, spokesperson for the entity that consists ofEuropean investors, The Tennessean relates that Nashville Biltmorewill spend up to six months securing permits and other approvals toallow construction to begin this fall.

Based in Plano, Texas, Nashville Biltmore LP engages in housingand commercial development. The Company filed for Chapter 11protection (Bankr. E.D. Tex. Case No. 12-41933) on July 19, 2012 .Judge Brenda T. Rhoades presides over the case. Joyce W.Lindauer, Esq., represents the Debtor. The Debtor estimated bothassets and debts of between $1 million and $10 million.

According to Getahn Ward at The Tennessean, the Debtor was releasedfrom bankruptcy after Nashville Biltmore settled claims against NBHBank, which acquired the project's lender Hillcrest Bank.

NII HOLDINGS: LuxCo Taps Quinn Emanuel as Special Counsel---------------------------------------------------------NII International Holdings S.a.r.l. ("LuxCo Holdings") obtainedapproval from the Bankruptcy Court to employ Quinn Emanuel Urquhart& Sullivan, LLP, as special counsel, nunc pro tunc to Dec. 12,2014. Quinn Emanuel will be compensated for its services andreimbursed for any related expenses in accordance with the firm'scustomary billing practices and procedures.

About NII Holdings

NII Holdings Inc. through its subsidiaries provides wirelesscommunication services for businesses and consumers in Brazil,Mexico and Argentina. NII Holdings has the exclusive right to usethe Nextel brand in its markets pursuant to a trademark licenseagreement with Sprint Corporation and offers unique push-to-talk("PTT") services associated with the Nextel brand in LatinAmerica. NII Holdings' shares of common stock, par value $0.001,are publicly traded under the symbol NIHD on the NASDAQ GlobalSelect Market.

The Debtors have tapped Scott J. Greenberg, Esq., and Michael J.Cohen, Esq., of Jones Day as counsel and Prime Clerk LLC as claimsand noticing agent. NII Holdings disclosed $1.22 billion in assetsand $3.068 billion in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 on Sept. 29 appointed five creditorsof NII Holdings to serve on the official committee of unsecuredcreditors. The Committee is represented by Kenneth H. Eckstein,Esq., and Adam C. Rogoff, Esq., at KRAMER LEVIN NAFTALIS & FRANKELLLP.

The Plan and Disclosure Statement, filed on Dec. 22, 2014, allowthe Debtors to strengthen their balance sheet by converting $4.35billion of prepetition notes into new stock and provide the Debtorswith $500 million of new capital. The Plan also permits theDebtors to avoid the incurrence of significant litigation costs anddelays in connection with potential litigation claims and exitbankruptcy protection expeditiously and with sufficient liquidityto execute their business plan.

According to the Debtor, the state court actions are civilproceedings related to the Chapter 11 case.

NNN 1818 Market Street 16, LLC, filed a Chapter 11 bankruptcypetition (Bankr. C.D. Cal. Case No. 15-10111) on Jan. 5, 2015.The petition was signed by Gabor Csupo as manager. The Debtorestimated assets and debts of $10 million to $50 million. John L.Smaha, Esq., at Smaha Law Group serves as the Debtor's counsel.

Two of the Debtor's affiliates also sought bankruptcy protection onJan. 6, 2015.

NPS PHARMACEUTICALS: To be Acquired by Shire for $5.2 Billion-------------------------------------------------------------NPS Pharmaceuticals, Inc., and Shire plc have entered into a mergeragreement pursuant to which Shire will acquire all the outstandingshares of NPS Pharma for $46.00 per share in cash, for a totalconsideration of approximately $5.2 billion. Shire will acceleratethe growth of NPS Pharma's innovative portfolio through its marketexpertise in gastrointestinal (GI) disorders, core capabilities inrare disease patient management, and global footprint. Thetransaction has been approved unanimously by the Boards ofDirectors of both Shire and NPS Pharma.

NPS Pharma is a rare disease-focused biopharmaceutical company andits first product, GATTEX(R)/REVESTIVE(R) (teduglutide [rDNAorigin]) for injection, is approved in the United States andEurope(1) to treat adults with short bowel syndrome (SBS) who aredependent on parenteral support. NPS Pharma also has aregistration phase product, NATPARA(R)/NATPAR(R) (rhPTH [1-84]) forthe treatment of hypoparathyroidism (HPT).

The $46.00 per share price in the transaction represents a 51%premium to NPS Pharma's unaffected share price of $30.47 on Dec. 16, 2014.

Shire's chief executive officer, Flemming Ornskov, MD, MPH,commented:

"The acquisition of NPS Pharma is a significant step in advancingShire's strategy to become a leading biotechnology company. Withour global strength and expertise in both rare diseases and GI,Shire is uniquely positioned to drive the continued success ofGATTEX/REVESTIVE, and, if approved, commercialize NPS Pharma'spipeline compound NATPARA/NATPAR.

"We look forward to accelerating the growth of the NPS Pharmaportfolio based on our proven track record of maximizing value fromacquired assets and commercial execution. The NPS Pharmaorganization will be a welcome addition to Shire as we continue tohelp transform the lives of patients with rare diseases."

"Shire shares NPS Pharma's commitment to patients with rarediseases. We believe that joining our two companies will drivevalue for shareholders and ensure we continue to transform thelives of patients with short bowel syndrome, hypoparathyroidism,and autosomal dominant hypocalcemia worldwide. I am confident thatthis transaction will accelerate our ambition of creating a worldwhere every person living with a rare disease has a therapy.

I would like to thank all of our employees for their continuedoutstanding contributions and steadfast commitment to the patientswe serve."

The acquisition of NPS Pharma is expected to enhance Shire'srevenue and earnings growth profile. Shire expects the transactionto be accretive to Non GAAP EPS from 2016 onward.

Shire also expects that the transaction will deliver ROIC in excessof its weighted average cost of capital.

Shire has secured an $850 million fully underwritten short-termbank facility, which, in addition to Shire's cash and cashequivalents and its existing $2.1 billion five-year revolvingcredit facility, is available to finance the transaction and payrelated fees and expenses. Shire plans to refinance the short-termbank facility through new debt issuances in due course.

The closing of the transaction is subject to customary conditions,including the tender of a majority of the outstanding NPS Pharmashares and the receipt of Hart-Scott-Rodino clearance. Pendingthose closing conditions, it is anticipated that the transactionwill close in the first quarter of 2015.

A full-text copy of the Agreement and Plan of Merger is availablefor free at http://is.gd/vHtAmR

Letter to Colleagues

Dear NPS Pharma Colleagues,

By now you have heard the news about our two companies comingtogether to help more patients around the world living with rarediseases. The team at NPS Pharma has built an exceptional company,one which makes a meaningful impact on the lives of patients. Iknow I speak on behalf of all the employees at Shire when I say weare excited to welcome you to our organization.

I am incredibly enthusiastic about the prospects this announcementholds because I can already see many shared traits and values inthe people at NPS Pharma and Shire. We have similar cultures thatare focused on one thing - helping people. At Shire, our purposestatement is to enable people with life-altering conditions leadbetter lives. We're committed to growing our company, and ensuringwe deliver the maximum value we can to all of our stakeholders -most importantly patients. After speaking with several people atyour organization, I know this is an important value for theemployees at NPS Pharma as well.

Over the coming days I will be at the J.P. Morgan HealthcareConference in San Francisco, explaining this transaction toshareholders. It is my priority to meet you as soon as possible,so I will be visiting your New Jersey site on Friday, January 16th. My team and I admire the company that you have built, and the workthat you have done to bring innovative medicines to patients aroundthe world. And although there are many similarities between ourtwo companies, we realize there is much we'll need to learn fromyou to ensure a seamless integration and maintain businesscontinuity.

As you have heard from Francois, the closing of this transaction issubject to anti-trust and customary closing conditions. It isanticipated that the transaction will close in the first quarter ofthis year.

While I hope you agree that this is an exciting time for both ofour companies, I do appreciate that it is also an uncertain timefor you. Please rest assured that, upon closing, we will quicklyshare with you more detailed information regarding the integrationprocess, including timing. Along the way we will want your inputand feedback. If we are able to share more with you before theclosing, we will do so through your management team.

Again, on behalf of Shire, we are excited about the prospect ofhaving your company join ours. Until that happens, however, I'mconfident that you will continue your great work of meeting theneeds of the patients who rely on your medicines. I look forwardto meeting you on Friday.

Kind regards,/s/ Flemming OrnskovFlemming Ornskov, MD, MPHCEO, Shire

About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:NPSP) -- http://www.npsp.com/-- is developing new treatment options for patients with rare gastrointestinal and endocrinedisorders.

NPS Pharmaceuticals reported a net loss of $13.50 million in 2013,a net loss of $18.73 million in 2012 and a net loss of $36.26million in 2011. The Company posted consolidated net loss of$31.44 million in 2010 and a net loss of $17.86 million in 2009.

The Company's balance sheet at Sept. 30, 2014, showed $282million in total assets, $151 million in total liabilities and$131 million in total stockholders' equity.

Attorney Kroto served as a term law clerk for Judge Agrestibeginning in October 2010. In July 2013, Mr. Kroto accepted aposition as an associate attorney with the law firm of KnoxMcLaughlin Gornalll & Sennett, P.C. Mr. Kroto has been workingprimarily in the areas of bankruptcy law and creditor's rights lawat KMGS, where the Trustee, a partner in the firm, is his immediatesupervisor. Judge Agresti has a personal policy that they may notappear in any matter before him for a period of at least 6 monthsfollowing the end of their clerkship. Attorney Kroto fullycomplied with that policy.

The Debtors' bankruptcy cases were filed in January 2012. Guy C.Fustine was appointed as Trustee on Nov. 14, 2014, and filed anotice of acceptance on Nov. 18, 2014. Shortly thereafter, theTrustee filed motions seeking to employ himself and KMGS asattorney pro se for the Trustee, which motions were granted on Dec.8, 2014. The purpose of the motions is to seek approval forAttorney Kroto to act as an attorney for the Trustee in the Oz Gascases despite the fact that he was serving as a law clerk for JudgeAgresti during the part that the cases were pending.

The judge note that it appears that there are two "exceptions" tothe general prohibition of a former law clerk from representing aparty in a case that was pending before the judge during theperson's clerkship. First, if the former law clerk's involvementin the case was not "substantial", subsequent representations maybe permitted. Second, even if the involvement was substantial, ifall the parties to the proceeding vie informed consent then therepresentation would be allowed.

Attorney Kroto has supplied an affidavit describing his involvementwith the Oz Gas cases during his time as a law clerk as beinglimited to attending hearings and reviewing monthly operatingreports filed by the Debtors. Neither of these activities involvedadvising the Court on any legal issues arising in the cases. Attorney Kroto's involvement in the Oz Gas cases is de minimus.

But even if the Court were to err on the side of caution, the Courtnotes that consent has been given by the Debtors, the Oz GasOfficial Committee of Unsecured Creditors, and the 3 largestsecured creditors. The U.S. Trustee has also filed a documentstating that she consents to Attorney Kroto representing theChapter 11 Trustee.

Mentor, Ohio-based John D. Oil & Gas Co., is in the business ofacquiring, exploring, developing, and producing oil and naturalgas in Northeast Ohio. The Company has 58 producing wells. TheCompany also has one self storage facility located in Painesville,Ohio. The self-storage facility is operated through a partnershipagreement between Liberty Self-Stor Ltd. and the Company.

On Nov. 21, 2011, at the request of the lender RBS Citizens, N.A.,dba Charter One, a receiver was appointed for all three corporateDebtors, in the United States District Court for the NorthernDistrict of Ohio at case No. 11-cv-2089-CAB. District JudgeChristopher A. Boyko issued an order appointing Mark E. Dottore asreceiver. The Receivership Order was appealed to the SixthCircuit Court of Appeals on Dec. 19, 2011, and the appeal iscurrently pending.

Judge Thomas P. Agresti oversees the Chapter 11 cases. Robert S.Bernstein, Esq., at Bernstein Law Firm P.C., serves as counsel tothe Debtors. Each of Great Plains and Oz Gas estimated $10 million to $50 million in assets and debts. John D. Oil'sbalance sheet at Dec. 31, 2011, showed $6.98 million in totalassets, $13.3 million in total liabilities, and a stockholders'deficit of $6.28 million. The petitions were signed by Richard M.Osborne, CEO.

The United States Trustee said a committee under 11 U.S.C. Sec.1102 has not been appointed because no unsecured creditorresponded to the U.S. Trustee's communication for service on thecommittee.

PACIFIC GOLD: Incurs $361,000 Net Loss in Third Quarter-------------------------------------------------------Pacific Gold Corp. filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a net lossof $362,000 on $0 of revenue for the three months ended Sept. 30,2014, compared to net income of $789,000 on $0 of revenue for thesame period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported anet loss of $1.34 million on $0 of revenue compared to net incomeof $52,900 on $0 of revenue for the same period last year.

Pacific Gold reported a net loss of $463,000 in 2013 following anet loss of $16.6 million in 2012.

As of Sept. 30, 2014, the Company had $1.09 million in totalassets, $3.81 million in liabilities, and a $2.71 millionstockholders' deficit.

As of Sept. 30, 2014, the Company had an accumulated deficit of$45,917,146, negative working capital of $1.11 million, andnegative cash flows from the nine months ended Sept. 30, 2014, of$586,000, raising substantial doubt about its ability to continueas a going concern. During the nine months ended Sept. 30, 2014,the company financed its operations through the sale of securities,proceeds received from sale of mining claims, and issuance ofdebt.

"Management's plan to address the Company's ability to continue asa going concern includes obtaining additional funding from the saleof the Company's securities and establishing revenues. Althoughmanagement believes that it will be able to obtain the necessaryfunding to allow the Company to remain a going concern through themethods discussed above, there can be no assurances that suchmethods will prove successful. Should we be unsuccessful, theCompany may need to discontinue its operations" according to theReport.

Silberstein Ungar, PLLC, issued a "going concern" qualification onthe consolidated financial statements for the year ended Dec. 31,2013. The independent auditors noted that the Company hasincurred losses from operations, has negative working capital, andis in need of additional capital to grow its operations so that itcan become profitable. These factors raise substantial doubtabout the Company's ability to continue as a going concern.

A full-text copy of the Form 10-Q is available for free at

About Pacific Gold

Las Vegas, Nev.-based Pacific Gold Corp. is engaged in theidentification, acquisition, and development of prospects believedto have gold mineralization. Pacific Gold through itssubsidiaries currently owns claims, property and leases in Nevadaand Colorado.

PLATFORM SPECIALTY: Moody's Rates New $920MM Unsecured Notes B2---------------------------------------------------------------Moody's Investors Service has affirmed Platform Specialty ProductsCorporation's Corporate Family Rating ("CFR") at B1 and assigned aB2 rating to the new $920 million Senior Unsecured Notes due 2022,to be issued in US dollar and Euro tranches. The issuance completesthe funding for the $3.51 billion acquisition of Arysta LifeScienceLimited, parent of Arysta LifeScience SPC, LLC (B2 stable), whoseratings will be withdrawn upon completion of the transaction.Moody's also affirmed the B1 ratings on the company's existingsecured debt. The Speculative Grade Liquidity rating is affirmed atSGL-3 and the outlook is negative.

"The notes issuance completes the capital structure for Platform'srecent acquisitions of Arysta, Agriphar and CAS, resulting inelevated leverage but increasing the scale and diversity, nearlyquadrupling the size of the company," said Lori Harris, Moody'sAnalyst for Platform Specialty Products Corporation. "The weakenedcredit metrics and integration risk constrains the rating until thecompany demonstrates cash generation, growth, and reduced leveragefrom the combined entity."

The following summarizes the actions:

Ratings Assigned:

Platform Specialty Products Corporation

$920 million Senior Unsecured Notes due 2022 -- B2, LGD5

Ratings Affirmed:

Platform Specialty Products Corporation

Corporate Family Rating -- B1

Probability of Default -- B1-PD

Speculative Grade Liquidity Rating SGL-3

MacDermid Inc.

$300 million Senior Secured Revolver -- B1, LGD3

$885 million Senior Secured Term Loan -- B1, LGD3

$1.0 billion Senior Secured Term Loan -- B1, LGD3

MacDermid Agricultural Solutions Holdings BV

$330 million Senior Secured Term Loan -- B1, LGD3

These ratings are subject to Moody's review of the final terms andconditions of the proposed transaction. In particular, the ratingsassume that the $1.1 billion proposed term loans (with $1.0 billionUSD denominated loans and $100 million equivalent of Eurodenominated loans , approximately €80 million) will have the sameguarantors and share the same collateral as the existing loans,including: (i) guarantees by all material subsidiaries; (ii) afirst lien senior secured position in fixed assets, accountsreceivables, and inventory, and (iii) that $920 million seniorunsecured notes due 2022 will be issued to complete the funding forthe Arysta acquisition (with an expected $500 million denominatedin USD and $420 million equivalent Euro denomination, approximately€350 million). If the final debt amounts differ from theproposed, the ratings could be changed.

Ratings Rationale

Platform's B1 CFR is constrained by the company's elevated proforma leverage (5.5x PF LTM September 30, 2014 and 5.0x includingsynergies), the significant integration risks associated with threerecent acquisitions that have nearly quadrupled the size of thecompany, and expectations of continued acquisition-driven growth,as a result of the company's stated tactic of being an acquirer andconsolidator of specialty chemicals businesses globally.Furthermore, the company's liquidity is pressured by increasedworking capital demands from the new agricultural business silo,debt costs, and integration expenses. The rating is supported by:the improved size; increasingly diverse revenue stream; and strongmargins and cash flow generating capabilities of the combinedbusinesses, which benefit from geographic, operational, and productdiversity through its global footprint, with significant operationsin the US, Europe, and Asia. These factors lend stability to thecompany's EBITDA generation compared to some peers in the chemicaland agricultural industries. (All ratios include Moody's StandardAdjustments.)

The rating contemplates the recently acquired businesses ofAgriphar and AgroSolutions as well as the pending acquisition ofArysta, which add a new business silo to Platform in theagricultural chemicals business. Platform is acquiring the threebusinesses for a combined cost of $5.0 billion with a combinationof debt and equity, where the equity contribution totals over $2.1billion (over 40% of the acquisition value). While the equitycontribution is substantial, the size of the acquisitions relativeto the prior Platform businesses elevates integration risks.Furthermore leverage will start out above management's stated netleverage target of 4.5x, which will delay the return of metrics tolevels that fully support the rating, especially if the companyundertakes additional debt financed transactions in the second halfof 2015.

Supporting the rating is Platform's historic ability (through theMacDermid legacy business) to generate positive free cash flowthroughout the business cycle and track record of improving marginsto levels reflective of specialty chemicals (above 15%). The legacycompany enjoys strong market positions in certain niche markets,modest capital expenditure requirements, and has limited exposureto volatile raw materials costs. The majority of Platform's rawmaterials are not petrochemical-based, therefore, the company doesnot experience the same cost vagaries as other chemical firms. Therating also reflects Platform's exposure to cyclical end-marketssuch as automotive, commercial packaging and consumer electronics(printed circuit boards) through its Performance Materials andGraphic Solutions segments. While this exposure will decline withthe addition of the AgroSolutions, Agriphar, and Arysta businesses,the Performance Materials and Graphic Solutions segments willcontinue to contribute approximately 25% of revenue.

Moody's expects the company to achieve the planned synergies by2017 and reduce adjusted financial leverage to below 5.0x by theend of 2015. The calculation incorporates $25 million of synergies,and Moody's Standard Adjustments including the capitalization ofoperating leases, debt attribution for the underfunded portion ofdefined benefit pension plans, and debt treatment for convertiblepreferred stock contingent liability. Including the aforementionedadjustments, Moody's estimates pro forma adjusted financialleverage near 5.5x (excluding synergies) and 5.0x (includingsynergies) for the twelve months ended September 31, 2014. Moody'sexpects meaningful seasonal revolving credit facility use, one-timeexpenses associated with synergies, and the potential for moreacquisitions, but limited capex spending. Because cash flowgeneration will be used to support interest expense and workingcapital, which will be significantly higher as a result of theArysta transaction, incremental acquisitions could result in alower rating unless structured with equity such that pro formaleverage is lowered.

The SGL-3 Speculative Grade Liquidity Rating indicates adequateliquidity to support operations for at least the next fourquarters, with meaningful use of the revolving credit facility.Moody's short-term liquidity assessment is supported by over $280million of cash as of September 31, 2014, the $300 millionrevolving credit facility, and local credit lines to support theagricultural chemicals business. Moody's expects about $170 millionof revolver availability at the close of the Arysta acquisition.Subsequently, Platform intends to draw on the revolver to fundworking capital for seasonal swings (approximately $500-700million) related to its new agricultural chemicals businesses in2015. The only financial covenant on the revolving facility, whichwill be triggered as a result greater than 25% of the commitmentdrawings, is a springing net first lien leverage ratio of 6.5x.Moody's believes that the revolver is small for the size of thecompany and the working capital needs of the agricultural chemicalsbusiness, however the revolver is supplemented by local lines ofcredit. The company has proposed $1.1 billion in term loans to fundArysta as well as $920 million in senior unsecured notes due 2022to fully fund the acquisition, thus it will not need to access the$750 million bridge loan. In total, Platform has raised over $1.33billion from the issuance of equity, $187 million in warrants, and$600 million in convertible preferred stock to fund the threeagricultural chemical acquisitions. Platform's $600 million ofconvertible preferred stock has a two-year mandatory convertiblefeature that requires the company to deliver stock plus a cashpayment if the stock price is below $27.14 / share, such that thetotal conversion is no less than $600 million. As a result of thisconversion feature a contingent liability is added to Platform'sdebt obligation ($78 million as of December 1, 2014). The firm hasno material near-term debt maturities and its 1% annualamortization payments total approximately $25 million. The companyis subject to an excess cash flow sweep, which steps down once thefirst lien net leverage falls below certain thresholds. The firmhas low maintenance capital expenditure requirements, which willincrease following completion of the acquisitions, but still remainrelatively low. Platform does not pay cash dividends, but haspreferred equity, which pays dividends in the form of commonstock.

The negative outlook reflects the elevated risk of integratingthree companies (Agriphar, AgroSolutions, and Arysta) that increasePlatform's aggregate size by almost three times. The negativeoutlook also incorporates Platform's elevated leverage, above 5.0x,and Moody's expectation that Platform will seek to completeadditional acquisitions over the next 12 months. There is limitedupside to the rating at this time. Following a successfulcompletion and integration of Platform's acquisitions, the ratingscould be upgraded if leverage falls below 4.0x on a sustained basisand the company demonstrates its ability to grow its sales andgenerate significant free cash flow. Conversely, Platform's ratingscould be downgraded if its operating and credit metricsdeteriorate. Specifically, if leverage remains above 5.0x over thenext 12 to 18 months or if incremental acquisitions prevent themeaningful reductions in leverage, Moody's would contemplate arating downgrade. The rating would be pressured if managementundertakes another sizable debt-financed acquisition in 2015, ifthe company accelerates the pace of acquisitions such that debtrises faster than EBITDA, or if there is no debt reduction betweenacquisitions.

The primary methodology used in these ratings was Global ChemicalIndustry Rating Methodology published in December 2013. Othermethodologies used include Loss Given Default for Speculative-GradeNon-Financial Companies in the U.S., Canada and EMEA published inJune 2009.

Headquartered in Miami, Florida, Platform Specialty Products Corp(Platform) is a publicly-traded company founded by investors MartinFranklin and Nicolas Berggruen in 2013. Platform's firstacquisition in 2013 was MacDermid Holdings, LLC, a globalmanufacturer of variety of chemicals and technical services for arange of applications and markets including; metal and plasticfinishing, electronics, graphic arts, and offshore drilling.Platform is in the process of acquiring Arysta LifeScience Limitedfor approximately $3.51 billion. Platform has already acquiredChemtura Corporation's AgroSolutions business and Belgium-basedGroup Agriphar Group agricultural chemical business, in leveredtransactions valued at roughly $1 billion and $405 million,respectively. Pro forma for the acquisitions, Platform's sales areroughly $2.9 billion for the twelve months ended September 30, 2014(LTM revenues of $755 million from Platform's existing business,$461 million from AgroSolutions as of September 30, 2014, $171million YE 2013 revenues from Agriphar, and $1.5 billion as ofSeptember 30, 2014 for Arysta ).

In addition, S&P assigned a 'B' issue-level rating and '3' recoveryrating to the company's $15 million revolving credit facility due2019 and $125 million first-lien term loan due 2021. The '3'recovery rating indicates S&P's expectation for meaningful (50% to70%) recovery of principal in the event of payment default.

The company's weak business risk profile incorporates its smallrevenue base and limited geographic diversity and operating scale.Furthermore, the company competes with several major andlong-established players that have greater financial and productresources. However, its growing and significant recurring revenuebase and high customer retention rate partly offset this weakness.Quorum's "highly leveraged" financial profile reflects pro formaleverage of over 5x and our expectations that leverage will bearound 5x for the intermediate term.

S&P views an upgrade as unlikely over the next 12 months givenQuorum's small revenue base, limited geographic diversity andoperating scale, and an ownership structure that is likely topreclude sustained deleveraging.

S&P could lower the rating if Quorum's operating profitabilitymaterially weakens causing leverage to be sustained above high 6xlevel.

Quincy disclosed assets of $73 million and liabilities of$79.4 million. Debt includes $56.4 million owing on secured bondsissued through a state health-care finance agency. There isanother $2.5 million secured obligation owing to Boston MedicalCenter Corp. Accrued liabilities are $18.2 million.

On July 12, 2011, the U.S. Trustee for the District ofMassachusetts appointed the Official Committee of UnsecuredCreditors. Counsel to the Creditors' Committee is Jeffrey D.Sternklar, Esq., at Duane Morris LLP, in Boston, Massachusetts.Deloitte Financial Advisory Services LLC is the financial advisorto the Creditors' Committee.

Quincy sold its hospital facility to Steward Health Care SystemLLC, in October 2011 for $52.4 million, not enough for fullpayment to secured bondholders owed $56.5 million. The bonds wereissued through a state health-care finance agency. Nonetheless,$562,500 -- not subject to bondholders' deficiency claims -- wasset aside for unsecured creditors with claims estimated to totalbetween $6 million and $7 million. The disclosure statementestimated unsecured creditors would recover about 8.4%.

In November 2011, the Court approved the Chapter 11 liquidationplan. The Plan was later declared effective on Dec. 7, 2011.

As reported by the Troubled Company Reporter on Jan. 13, 2015, MattJarzemsky, Gillian Tan and Drew FitzGerald at Daily BankruptcyReview reported that people familiar with the matter said thatSalus Capital offered the Debtor $500 million in bankruptcyfinancing, which could increase the lender's influence if thestruggling retailer ends up in Chapter 11. According to thereport, the Debtor hasn't said it plans to seek bankruptcyprotection.

The Motley Fool relates that the loan would also replace theDebtor's existing $585 million asset-backed credit line. Thereport says that of the Debtor's total liquidity at the start ofNovember 2014, $19.3 million was in the form of available creditunder that facility.

is a national retailer of innovative mobile technology productsand services, as well as products related to personal and hometechnology and power supply needs. RadioShack's retail networkincludes more than 4,300 company-operated stores in the UnitedStates, 270 company-operated stores in Mexico, and approximately1,000 dealer and other outlets worldwide.

Radioshack reported a net loss of $400.2 million in 2013, a netloss of $139 million in 2012, and net income of $72.2 million in2011. The Company's balance sheet at Aug. 2, 2014, showed $1.14billion in total assets, $1.21 billion in total liabilities, and a$63 million total shareholders' deficit.

"The downgrade comes as the company announced it will seekcapital, and that such a transaction could include a debtrestructuring in addition to store closures and other measures,"said Standard & Poor's credit analyst Charles Pinson-Rose.

In the Sept. 16, 2014, edition of the TCR, the TCR reported thatFitch Ratings had downgraded the Long-term Issuer Default Rating(IDR) for RadioShack Corporation (RadioShack) to 'C' from 'CC'.The downgrade reflects the high likelihood that RadioShack willneed to restructure its debt in the next couple of months.

The TCR reported on March 13, 2014, that Moody's Investors Servicedowngraded RadioShack Corporation's corporate family rating toCaa2 from Caa1. "The continuing negative trend in RadioShack'ssales and margins has resulted in a precipitous drop inprofitability causing continued deterioration in credit metricsand liquidity," Mickey Chadha, Senior Analyst at Moody's said.

RECYCLE SOLUTIONS: Seeks Approval to Sell Equipment for $31,300---------------------------------------------------------------The U.S. Bankruptcy Court for the Western District of Tennessee isset to hold a hearing on Jan. 15, at 9:30 a.m., to consider thesale of an equipment owned by Recycle Solutions, Inc.

Recycle Solutions has reached an agreement with creditor MedsafeWaste to sell the equipment for $31,300.

Medsafe Waste is a creditor of Recycle Solutions, which holds apre-bankruptcy claim of $13,160 against the company. Under theagreement, it will receive a credit of $6,000 for its claim in fullsatisfaction of the debt, leaving sale proceeds of $24,800,according to court filings.

Regions Bank complained the company proposed to sell the equipment"free and clear" of the bank's lien but it did not propose to paythe entire sale proceeds to the bank.

Meanwhile, the Shelby County Trustee said it will oppose anyrequest by Recycle Solutions to get a court order that would allowthe sale of the equipment without requiring the company to pay itspersonal property taxes.

The case is assigned to Judge George W. Emerson Jr. The Debtor isrepresented by Steven N. Douglass, Esq., at Harris Shelton HanoverWalsh, PLLC, in Memphis.

According to the docket, the Debtor's Chapter 11 plan anddisclosure statement are due March 4, 2015.

Recycle Solutions, founded in 2002 in Memphis, TN, is in thebusiness of recycling and reusing plastic, wood and packaging forfilm rolls. The company claims to be a pioneer in helping leadingcorporations develop and implement innovative programs to reducetheir environmental impact. James Downing, of Arlington,Tennessee, founder and president, owns 100% of the stock.

The U.S. Trustee for Region 8 appointed three creditors to serve onthe official committee of unsecured creditors.

RESTORGENEX CORP: Copy of Presentation to Investors---------------------------------------------------Beginning on or about Jan. 12, 2015, representatives of RestorGenexCorporation intend to make presentations at investor conferencesand in other forums.

The presentation includes investment highlights, Company overview,management team, product portfolio, and market.

The Company also disclosed that as of Dec. 31, 2014, it had $22million in cash, $94,000 in accounts payable, $0 in debt, and 18.6million in outstanding shares.

RestorGenex Corporation operates as a biopharmaceutical company.It focuses on dermatology, ocular disease, and women's healthareas. The company was formerly known as Stratus Media Group,Inc., and changed its name to RestorGenex Corporation in March2014. RestorGenex Corporation is based in Los Angeles,California.

Restorgenex reported a net loss of $2.45 million in 2013 followinga net loss of $6.85 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $50.5 millionin total assets, $7.74 million in total liabilities and $42.8million in total stockholders' equity.

Goldman Kurland and Mohidin LLP, in Encino, California, issued a"going concern" qualification on the consolidated financialstatements for the year ended Dec. 31, 2013. The independentauditors noted that RestorGenex Corporation has suffered recurringlosses and has negative cash flow from operations. Theseconditions, the auditors said, raise substantial doubt as to theability of RestorGenex Corporation to continue as a going concern.

RIALTO HOLDINGS: S&P Revises Outlook to Neg. & Affirms 'B+' Rating------------------------------------------------------------------Standard & Poor's Ratings Services revised its outlook on RialtoHoldings LLC to negative from stable. S&P affirmed the issuercredit rating on the firm, as well as the debt rating on the seniorunsecured notes, at 'B+' and 'B', respectively.

"The outlook revision to negative reflects our view that theannounced departure of a group of employees within Rialto'sinvestment management unit to KKR, including two executivemanagers, weakens the stability of the investment management groupand perhaps its ability to launch new investment funds," saidStandard & Poor's credit analyst Richard Zell. In addition tocommercial mortgage origination, investment management is one ofRialto's two main ongoing business strategies, as the legacydistressed real estate remediation business continues to winddown.

Two of the more prominent departures include Managing DirectorsMatt Salem and Patrick Mattson. Mr. Salem was responsible foroverseeing Rialto's real estate debt security and capital marketsactivities. The agreements that govern several of Rialto's fundslist Mr. Salem as one of a group of key people--although hisdeparture will not trigger the "key man" provision of thoseagreements (that would take additional departures at the seniormanagement level). Positively, Rialto's senior management teamremains largely in place and has elevated experienced subordinateemployees to fill the vacancies left by the departures.

S&P still expects Rialto to expand its investment managementbusiness, and the departure of this group may prove to be only atemporary setback. Still, the loss of these employees, in S&P'sview, increases the execution risks associated with a successfulimplementation of the investment management strategy and relatedfuture revenues and earnings. S&P could lower the rating if Rialtois unable to demonstrate stability in the performance of itsinvestment management business or exhibits difficulty raisinginvestment funds. S&P will likely change the outlook to stable inless than a year, if the company can do so.

S&P's rating on Rialto continues to reflect its short-track record,its concentration in commercial real estate, and its dependence onrepurchase agreements with margin call exposure. The company'sexperienced management team and diversity across three businesslines are positive rating factors.

S&P could lower the rating on Rialto if S&P believes the departureof investment management team members weakens long-term businessstability--for example, if there is as an inability to raise newinvestment funds, declining investment management fees, ordeteriorating fund performance. If further staff defections fromother areas of the firm threaten revenue growth, S&P may lower therating. If the performance of legacy assets shows signs ofsignificant deterioration, or if newly originated commercialmortgage loans come under stress as a result of market dislocationor a loosening of underwriting standards, S&P may also considerlowering the rating.

If Rialto successfully navigates the departure of these managers,with limited impact on the firm's ability to raise new investmentfunds or the performance of the existing funds, and continues tobuild a diverse and sustainable revenue stream, we would likelyconsider revising the outlook to stable over the coming 12 months.

RICEBRAN TECHNOLOGIES: Hal Mintz Has 8.5% Stake as of Dec. 31-------------------------------------------------------------In an amended Schedule 13G filed with the U.S. Securities andExchange Commission, Hal Mintz and his affiliates disclosed that asof Dec. 31, 2014, they beneficially owned 799,200 shares of commonstock of RiceBran Technologies representing 8.53 percent of theshares outstanding. A full-text copy of the regulatory filing isavailable for free at http://is.gd/LJydev

RiceBran Technologies reported a net loss of $17.6 million on$35.05 million of revenues for the year ended Dec. 31, 2013, ascompared with a net loss of $11.1 million on $37.7 million ofrevenues for the year ended Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $46.6 million in totalassets, $29.9 million in total liabilities, $3.94 million inredeemable noncontrolling interest in Nutra SA, and $12.7 millionin total equity attributable to the Company's shareholders.

BDO USA, LLP, in Phoenix, Arizona, issued a "going concern"qualification on the consolidated financial statements for theyear ended Dec. 31, 2013. The independent auditors noted thatthe Company has suffered recurring losses from operationsresulting in an accumulated deficit of $219 million at Dec. 31,2013. This factor among other things, raises substantial doubtabout its ability to continue as a going concern.

The ratings reflect the improvement in the company's operatingperformance, credit metrics and liquidity profile over the past 24months. Rite Aid's EBITDA increased to $1.3 billion in fiscal 2014(year ended February 2014), after surpassing the $1 billion levelfor the first time in fiscal 2013. Fitch expects EBITDA to besustainable at $1.3 billion over the intermediate term, enablingthe company to dedicate increased capex towards store remodels andsome store relocation activity, as well devote free cash flow (FCF)to debt reduction. Fitch also expects adjusted leverage to trendtowards the mid-5x range over the next 24 months versus 5.9xcurrently and 6.6x in fiscal 2013.

While Fitch expects gross margin to decline in the 20 - 30 basispoint range annually due to ongoing pharmacy reimbursement pressureand put some pressure on the current LTM EBITDA margin of 5.1%,Fitch expects same store sales to grow at 2%-3% over the next 24months resulting in relatively flat EBITDA levels. The same storesales projection is based on front-end same store sales of 1%,prescription volume growth of 1.5%-2% and some pharmacy inflation. Same store sales for the 43-week period ended Dec. 27, 2014increased 4.3% on front-end same store sales increase of 1% andprescription volume growth of 3.6%. A substantial portion theprescription volume growth has come from Medicaid coverageexpansion under the Affordable Care Act (ACA) and there could besome incremental benefit in fiscal 2016.

Rite Aid's operating metrics still significantly lag those of itslargest and well-capitalized competitors, with average weeklyprescriptions per store of approximately 1,260 and an EBITDA marginof 5.1%, versus Walgreen Co.'s' EBITDA margin at 6.7% and CVSCaremark's retail EBITDA margin at 11.8% (pre-corporate overheadcosts). However, the Wellness+ loyalty card program and thepick-up in remodeling activity over the past three years havehelped the company stabilize its prescription volume and see modestfront-end growth.

Through the end the third quarter, Rite Aid had completed and grandreopened 1,529 wellness stores (33% of store base). Front-endsame-store sales in the wellness stores that have been remodeled inthe past 24 months were approximately 321 basis points higher thanits non-wellness stores, and script growth was 278 basis pointshigher. Fitch expects Rite Aid to remodel 400-500 stores or 10% ofits store base annually over the next two to three years, which isexpected to have a modest positive impact on overall sales andprofitability. Fitch expects Rite Aid's market share to remainrelatively stable over the intermediate term although its positioncould weaken over time relative to its two larger peers given theirability to leverage their significant scale and partnerships in thecomplex and evolving healthcare landscape.

Rite Aid has pushed out major debt maturities to 2020 (with theexception of $64 million 8.5% convertible notes due in May 2015)and reduced its cash interest by over a $100 million to $375million in fiscal 2015, through a series of refinancings and netdebt reduction of approximately $550 million between fiscal 2012and fiscal 2014.

Rite Aid recently paid down $270 million of 10.25% second liennotes due October 2019. In addition, the company has amended andextended its existing $1,795 million senior secured creditfacility, to include an increased borrowing capacity of up to $3.0billion, or up to $3.7 billion when the company repays its 8.00%Senior Secured Notes due 2020 in full (whether at maturity orpursuant to an early redemption) and an extension of the maturityto January 2020. The company expects, at current rates, to saveapproximately $20.0 million in annual interest expense, based on a$3.0 billion facility, and approximately $50.0 million in annualinterest expense, based on a $3.7 billion facility and theredemption of its 8.00% Senior Secured Notes due in 2020. Thecompany used borrowings under its amended and extended seniorsecured credit facility to repay and retire all of the $1.147billion outstanding under its Tranche 7 Senior Secured Term Loandue 2020.

Rite Aid has maintained liquidity in the $950 million -- $1.3billion range for the past three years and Fitch expects FCF - netof capex of approximately $525 million and $70 million related tothe acquisition of Health Dialog and RediClinic - to be around $350million in fiscal 2015. This reflects a $250 million workingcapital benefit from its supply agreement with McKesson and in partdue to lower interest expense as a result of the company'srefinancing activities. Fitch expects FCF to be in the $300million range in fiscal 2016 and $200 million thereafter whichshould support further debt reduction and reduce leverage to themid-5x range over the next 24 months from 5.9x currently.

RECOVERY CONSIDERATIONS

The issue ratings shown are derived from the IDR and the relevantRecovery Rating. Fitch's recovery analysis assumes a liquidationvalue under a distressed scenario of approximately $5.7 billion oninventory, receivables, prescription files and owned real estate.

The $3.0 billion revolving credit facility due January 2020 (or upto $3.7 billion when the company repays its 8.00% Senior SecuredNotes due 2020 in full) and the $650 million senior secured notesdue August 2020 have a first lien on the company's cash, accountsreceivable, investment property, inventory, and script lists, andare guaranteed by Rite Aid's subsidiaries. This gives themoutstanding recovery prospects (91%-100%) that support their'BB/RR1' rating. The senior secured credit facility requires thecompany to maintain a minimum fixed charge coverage ratio of 1.0xonly if availability on the revolving credit facility is less than$175 million at any time.

The $970 million in Tranche 1 and Tranche 2 term loans have asecond lien on the same collateral as the revolver and term loansand are guaranteed by Rite Aid's subsidiaries. These are alsoexpected to have outstanding recovery prospects and are rated'BB/RR1'. With the paydown of $270 million of 10.25% second liennotes due October 2019, the recovery on the guaranteed unsecurednotes has improved and they are expected to have good recoveryprospects (51%-70%). Therefore, Fitch is upgrading the ratings onthe $1.7 billion guaranteed unsecured notes to 'B+/RR3' from'B/RR4'. The unsecured non-guaranteed notes are assumed to havepoor recovery prospects (0%-10%) in a distressed scenario.

RATING SENSITIVITIES

Positive Rating Action: A positive rating action could result ifRite Aid sustains positive comparable store sales and EBITDA in the$1.3 billion range or better, enabling to company to further reducedebt and adjusted debt/EBITDAR towards the mid-5.0x range over thenext 24 months.

Negative Rating Action: A negative rating action could result fromdeteriorating sales and profitability trends that take EBITDA below$1 billion (as seen in fiscal 2010 through fiscal 2012) andleverage returns to over 7.0x.

Fitch has affirmed these ratings for Rite Aid:

-- Long term IDR at 'B'; -- Secured revolving credit facility at 'BB/RR1'; -- First and second lien senior secured notes at 'BB/RR1'; -- Non-guaranteed senior unsecured notes at 'CCC+/RR6'

The company used the proceeds to retire its $1.147 billion tranche7 term loan due 2020. The company may upsize the revolver to $3.7billion later this year and use the incremental proceeds to redeemits 8.0% senior secured first-lien notes due 2020 when they becomecallable in August 2015.

The transaction, which is essentially leverage neutral, will allowthe company to save moderately on interest expense. S&P assess thecompany’s financial risk profile as "highly leveraged" andcalculate total debt to EBITDA ratio of 5.0x at Nov. 29, 2014quarter end.

ROBERT COLEMAN: Asks 7th Cir. to Stay Rulings---------------------------------------------Husband and wife Robert Coleman and Chizuco Coleman elevated to theU.S. Court of Appeals for the Seventh Circuit their appeal from aU.S. Bankruptcy Court order that dismissed their Chapter 11 case.

The Colemans filed voluntary Chapter 11 bankruptcy petitions in theU.S. Bankruptcy Court for the Western District of Wisconsin. OnDec. 15, 2014, the bankruptcy court dismissed the Colemans'petitions, apparently because they had been filed in the wrongdistrict.

The Colemans appealed the dismissals to the District court, whichupheld the ruling.

The Colemans moved the bankruptcy court to stay its orders ofdismissal pending resolution of their appeals because they wereconcerned that their creditors would begin collection efforts nowthat their petitions had been dismissed. The bankruptcy courtdenied the Colemans' motions on December 22, 2014.

The next day, the Colemans turned to the District court for a stayof the bankruptcy court's orders dismissing their petitions. TheColemans asked the court to consider their motions on an emergencybasis so that they can forestall collection activities that mayotherwise begin starting December 29.

The District court denied the Colemans' Stay motions, saying theColemans' sparse filings have not provided the Court withinformation sufficient to conclude that a stay would beappropriate.

ROSETTA GENOMICS: Issues Letter to Shareholders-----------------------------------------------Rosetta Genomics Ltd. posted the following letter to shareholdersfrom President and Chief Executive Officer Kenneth A. Berlin to theInvestors section of the Company's Web site athttp://www.rosettagenomics.com/

Dear Fellow Shareholders:

As we begin the New Year, I would like to express my appreciationto all our shareholders for the trust and support you have givenRosetta Genomics as we continue to build upon our microRNA platformtechnology to strengthen our leading position in the growing fieldof molecular diagnostics and genomics.

Throughout 2014 we made significant progress advancing our threekey areas for growth: current product sales, new productdevelopment and third-party collaborations.

We are particularly pleased with the progress we have made ingrowing current product sales. Last year we strengthened ourcommercial leadership team with the addition of key hires to drivedemand and secure reimbursement, with considerable success in bothareas. We expect revenue for the second half of 2014 to beapproximately 40% higher compared with the first half of 2014, andto be more than three times the revenue we recorded in the secondhalf of 2013. While we are still in the early stages of our fullcommercialization efforts and these increases are off a modestbase, the growth and trends demonstrate that our strategy andmarketing programs are bearing fruit as we continue to progress ourmicroRNA-based solutions for oncology.

In addition to our current commercial products, we expanded ourproduct portfolio with the recent collaboration with Admera Healthfor the commercialization of current and future sequencing-basedoncology tests. We entered 2015 with the launch of the first ofthese products and are now offering PGxOne, a pharmacogenomics testthat predicts a patient's response to drugs based on personalgenetic makeup to avoid adverse effects; and EGFR and KRAS clinicalsequencing, which provides genomic analysis of those tumor-basedmutations from patient tissue to provide clinically relevantinformation relating to potential response to therapy, which ishelpful for physicians, pathologists and researchers. These newproducts are synergistic with our current suite of oncology testingservices, expand our call point to hospital-based pharmacies andshould begin to contribute to our growing revenue stream in thefirst half of 2015.

We continue to expand our pipeline of novel microRNA-basedsolutions with the addition of new indications for diagnosticissues in the areas of thyroid and bladder cancer, as well as themost recent addition to our pipeline, endometrial cancer.

The first of these is our product line in the area of thyroidcancer. The first indication we are pursuing in this area is forthe differential diagnosis of indeterminate Fine Needle Aspirates(FNAs) from thyroid nodules, which can reduce unnecessary surgeriesand their associated costs and complications. We are pleased toreport we are on track to launch this assay by the end of the thirdquarter of this year. We anticipate that this assay will becompetitive with current alternatives. We believe our specimencollection process will be a competitive differentiator, as it isexpected to utilize the actual smear used by the cytologist asopposed to taking additional FNAs and preserving them inspecialized tubes. That latter approach is required by somecurrently marketed thyroid tests, which were expected to generatesales of $45-$50 million in 2014. Importantly, we will soon beginvalidation studies and are on track to launch our microRNA-basedthyroid neoplasia assay in the third quarter of 2015. We believethis will be an important product for our portfolio as earliercompetitors have already established the market, and since up to30% of FNAs yield indeterminate results. The resulting U.S.opportunity alone exceeds $350 million.

We continue to work to advance our bladder cancer assay for therisk stratification of Non-muscle-invasive bladder cancer (NMIBC)patients. Risk stratification in NMIBC is necessary to identifypatients at high risk for progression to invasive bladder cancer sothat life-saving interventions can be implemented, and to classifylow-risk patients in order to avoid invasive and unnecessaryprocedures and follow-ups. This is particularly important, as70%-80% of bladder cancers are considered to be of the NMIBC type. We have two foundational studies already completed and publishedthat demonstrate the role of microRNAs for risk stratification inbladder cancer. We plan to initiate an additional study this yearand expect to launch this new assay by the end of 2016.

We are also working to develop the newest addition to our productportfolio, an assay for the preoperative risk stratification ofendometrial cancer patients. Nearly 53,000 cases of endometrialcancer were diagnosed in 2014. Better preoperative risk assessmentis needed for improved planning of the surgical procedure and, morespecifically, for identifying patients who may benefit from lymphnode dissection and low risk patients for whom lymphadenectomycould be omitted, thereby averting unnecessary morbidity. We willundertake proof-of-concept studies in 2015 and expect to advancethis potentially high-value diagnostic assay thereafter.

In 2014, we were particularly successful in securing and advancingthird-party collaborations as we build on efforts to furthermonetize our leading microRNA biomarker platforms. We opened 2014with the announcement of a master service provider agreement withan undisclosed major global biopharmaceutical company. Here, weare using our cutting-edge microRNA expertise and capabilities toassist one of the world's leading biopharmaceutical companies toadvance their research and development efforts in an important,novel therapeutic approach in an area of unmet medical need. Wehave completed the feasibility phase of this agreement and moved tothe next stage of this collaboration, which recently began togenerate revenues.

In April 2014 we established a strategic alliance with MarinaBiotech, a leading nucleic acid-based drug discovery anddevelopment company focused on rare diseases, to jointly identifyand develop microRNA-based products designed to diagnose and treatvarious neuromuscular diseases and dystrophies. We recentlyreported initiation of the first of these projects, which is aclinical study conducted by Rosetta Genomics to identify novelmicroRNA candidates for the treatment of Duchenne MuscularDystrophy. We are very excited about the potential of this projectto identify specific microRNA signatures to identify therapeuticcandidates for Marina Biotech to develop as potential new treatmentoptions for this disease, which typically afflicts young boys.

Finally, we entered into a three-year alliance with Moffitt CancerCenter, a National Cancer Institute-designated Comprehensive CancerCenter, to discover, develop and commercialize a variety ofmicroRNA-based cancer diagnostics and to stimulate new projects andcollaborations for the development of diagnostics in areas of unmetmedical need. Rosetta will provide funding for Moffittinvestigator-initiated projects that align with Rosetta’sstrategic priorities.

We continue to pursue additional strategic partnerships that willallow us to leverage our cutting-edge microRNA platforms andcapabilities, and expect that over time these will be significantdrivers of value. In addition, we continue to evaluate theacquisition or licensure of other diagnostic and sequencingproducts in order to leverage the investments we are making in ourcommercial infrastructure and to accelerate revenue growth. Thecollaboration with Admera is one such example.

We remain vigilant in continuing to build and strengthen ourintellectual property, and are pleased to have added three U.S.patents to our growing portfolio during 2014. As a result we nowhave 39 issued patents, including 35 in the U.S. In addition wehave 49 patent applications pending, of which 28 are in the U.S.These issued patents and applications protect the specificmicroRNAs used in our products and cover composition of matter,diagnostic applications, therapeutic applications and discoveryprocess applications for microRNAs in humans. This leading patentposition provides access to hundreds of potential microRNAbiomarkers and offers the potential for multiple opportunities forresearch, development and commercial partnerships. We remain aleading pioneer of microRNA technology and our broad and expandingpatent portfolio will continue to fortify our leadership positionas the vast potential of microRNA technologies is realized.

We are very pleased with the progress we have made and expect 2015to be an exciting year of growth and accomplishments as we advanceour strategic plan in pursuit of our mission to be the pioneeringforce in microRNA-based personalized medicine to the benefit ofpatients worldwide.

On behalf of my colleagues and our Board of Directors, thank youfor your continued support of Rosetta Genomics.

Based in Rehovot, Israel, Rosetta Genomics Ltd. is seeking todevelop and commercialize new diagnostic tests based on a recentlydiscovered group of genes known as microRNAs. MicroRNAs arenaturally expressed, or produced, using instructions encoded inDNA and are believed to play an important role in normal functionand in various pathologies. The Company has established a CLIA-certified laboratory in Philadelphia, which enables the Company todevelop, validate and commercialize its own diagnostic testsapplying its microRNA technology.

Rosetta Genomics incurred a net comprehensive loss afterdiscontinued operations of $12.9 million on $405,000 of revenuesfor the year ended Dec. 31, 2013, as compared with a netcomprehensive loss after discontinued operations of $10.5 millionon $201,000 of revenues in 2012.

Rosetta Genomics Ltd. reported a net loss after discontinuedoperations of $7.18 million on $554,000 of revenues for the sixmonths ended June 30, 2014, compared to a net loss afterdiscontinued operations of $6.29 million on $193,000 of revenuesfor the same period a year ago.

The Company's balance sheet at June 30, 2014, showed $21.7million in total assets, $1.79 million in total liabilities and$19.9 million in total shareholders' equity.

Bankruptcy Warning

"We will require substantial additional funding and expect toaugment our cash balance through financing transactions, includingthe issuance of debt or equity securities and further strategiccollaborations. On December 7, 2012, we filed a shelfregistration statement on Form F-3 with the SEC for the issuanceof ordinary shares, various series of debt securities and/orwarrants to purchase any of such securities, either individuallyor in units, with a total value of up to $75 million, from time totime at prices and on terms to be determined at the time of suchofferings. The filing was declared effective on December 19,2012. As of the time of the filing of this Annual Report on Form20-F, we had sold through the Cantor Sales Agreement an aggregateof 1,559,537 of our ordinary shares for gross proceeds of $5.9million under this shelf registration statement, leaving anaggregate of approximately $69.1 million of securities availablefor sale. If we need additional funding, there can be noassurance that we will be able to obtain adequate levels ofadditional funding on favorable terms, if at all. If adequatefunds are needed and not available, we may be required to:

* delay, reduce the scope of or eliminate certain research and development programs;

* obtain funds through arrangements with collaborators or others on terms unfavorable to us or that may require us to relinquish rights to certain technologies or products that we might otherwise seek to develop or commercialize independently;

* monetize certain of our assets;

* pursue merger or acquisition strategies; or

* seek protection under the bankruptcy laws of Israel and the United States," the Company stated in the 2013 Annual Report.

At the same time, S&P raised its issue-level rating on the seniorunsecured notes issued by Sabra's wholly owned subsidiaries, SabraHealth Care L.P. and Sabra Capital Corp, to 'BB' from 'BB-'. S&P'srecovery rating on this debt remains '2', indicating itsexpectation for a substantial (70% to 90%) recovery in the event ofpayment default. S&P also raised its issue-level rating on thecompany's revolving credit facility to 'BB' from 'BB-' and theissue-level rating on the company's preferred stock to 'B-' from'CCC+'.

S&P sees limited downside for the ratings at this time, given itsexpectation for steady core cash flow and improving credit metrics. However, S&P could consider lowering the ratings if leverage risessignificantly above its current level, pressuring FCC below 1.8x,or if the cushion on Sabra's debt covenants narrows modestly. Thiscould be a result of debt-financed expansion or the restructuringof leases for tenants that can't mitigate rising expenses orpotential reimbursement cuts.

Upside scenario

Sabra's relatively small capital structure and still-significantportfolio concentration constrains upward ratings momentum. Longerterm, S&P would consider raising the ratings by one notch if Sabramaintains a steady investment and funding strategy that preservesits credit metrics while continuing to gradually strengthen itsscale and portfolio diversification.

SEQUENOM INC: To Present at JP Morgan Conference Today------------------------------------------------------William Welch, Sequenom, Inc.'s chief executive officer, willpresent at the JP Morgan 33rd Annual Healthcare Conference in SanFrancisco, CA, starting at 8:00 am Pacific time on Jan. 15, 2015,to provide an overview of and update on the Company. Thepresentation is expected to last approximately 30 minutes and willbe webcast live through the "Invest" section of the Company'swebsite at www.sequenom.com. An audio replay will be available for30 days following the initial presentation webcast.

The Company disclosed it intends to launch three newlaboratory-developed tests and provide early access program forLiquid Biopsy RUO.

The presentation, currently posted on the Company's Web site, isavailable for free at http://is.gd/747vmz

About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a life sciences company committed to improving healthcare throughrevolutionary genetic analysis solutions. Sequenom developsinnovative technology, products and diagnostic tests that targetand serve discovery and clinical research, and moleculardiagnostics markets. The company was founded in 1994 and isheadquartered in San Diego, California.

Sequenom incurred a net loss of $107.4 million in 2013, a netloss of $117 million in 2012 and a net loss of $74.1 million in2011.

The Company's balance sheet at Sept. 30, 2014, showed $135million in total assets, $186 million in total liabilities, anda $51.9 million total stockholders' deficit.

SIGA TECHNOLOGIES: Exclusive Plan Filing Date Extension Sought--------------------------------------------------------------BankruptcyData reported that SIGA Technologies asked the U.S.Bankruptcy Court to extend the exclusive period during which theCompany can file a Chapter 11 plan through and including July 14,2014, and the exclusive period during which it can solicitacceptances of the plan through and including Sept. 16, 2015.

According to BData, the motion explains, "To terminate theExclusive Periods in this chapter 11 case prior to the resolutionof the PharmAthene Litigation, whether by appeal or otherwise, andbefore meaningful plan negotiations reasonably can begin, would beantithetical to the very purpose of section 1121 of the BankruptcyCode....In view of the significance of the PharmAthene Litigationto the plan formulation process and to the Debtor's ongoingbusiness enterprise, the proposal of a plan at this stage of thecase and under these circumstances simply is premature. Based onthe critical nature of the PharmAthene Litigation to the Debtor'sreorganization, the viability of the Debtor's business, and theformulation of any rational plan, it is patently obvious that thischapter 11 case is still in its early stages and not enough timehas elapsed for the Debtor to have a meaningful opportunity tonegotiate and formulate a plan. Indeed, the failure to grant therequested extensions of the Exclusive Periods would defeat the verypurpose of section 1121 of the Bankruptcy Code - to afford theDebtor a meaningful opportunity to negotiate with its stakeholdersand propose a confirmable chapter 11 plan....Keeping thosecontracts in place as well as maintaining the Debtor's ongoingrelationship with BARDA is absolutely critical to the success ofthis case and preserving and enhancing value for all interestedparties." The Court scheduled a January 13, 2015 hearing toconsider the extension motion, with objections due by January 6,2015.

About SIGA Technologies, Inc.

Publicly held SIGA Technologies, Inc., with headquarters inMadison Avenue, New York, is a biotech/pharmaceutical company thatspecializes in the development and commercialization of solutionsfor serious unmet medical needs and biothreats. SIGA's leadproduct is Tecovirimat, also known as ST-246, an orallyadministered antiviral drug that targets orthopoxviruses.

The Debtor disclosed total assets of $132 million and $7.95 millionin liabilities as of the Chapter 11 filing.

SOLAR TRUST: No Quick Ruling on German Law Firm's Fee Claim-----------------------------------------------------------Bankruptcy Judge Kevin Gross denied the motion for summary judgmentfiled by Krammer Jahn Rechtsanwalte PartG mbB, a German law firm,related to its unsecured claim for attorneys' fees in the Chapter11 case of Solar Trust of America, LLC.

Prior to the STA bankruptcy filing, former Solar Millennium CEO,Utz Claassen, sued STA and others in an action in the districtcourt in Hannover, Germany. Claassen sought a declaratory judgmentthat there was no basis for a defamation action by STA and othersagainst him and that the most that STA and others could recoverfrom him was EUR25,000. Krammer Jahn represented STA andsuccessfully defended against the Claassen Suit in the German LowerCourt.

In the engagement letter, STA and Krammer Jahn agreed that Germanlaw would govern the attorney client relationship. The Debtorspaid Krammer Jahn EUR30,262 for services rendered in the ClaassenSuit.

Claassen then appealed the German Lower Court's dismissal to theOberlandesgericht Celle, Germany, on January 18, 2012. Prior tothe German Appellate Court issuing its decision, STA filed itsbankruptcy case on April 2, 2012.

On July 5, 2012 the German Appellate Court issued its decisiondismissing Claassen's claim and additionally determining that theamount in controversy, which under German law is the basis for thefee award to Krammer Jahn, was much higher than the German Court'sdetermination. On July 12, 2012 the German Appellate Court enteredthe German Appellate Court Opinion valuing the matter in dispute inthe Claassen Suit at EUR30,000,000. The German Court had valued theClaassen Suit at EUR25,000.

On August 8, 2012 Krammer Jahn filed a general unsecured proof ofclaim in the Chapter 11 proceeding in the amount of EUR228,760,less EUR30,262 in payments STA previously paid to the firm. Afterdeducting the amounts already paid to it by the Debtors, KrammerJahn calculates it is owed EUR194,498 or $264,319.94 (using aconversion rate of $1.3316 per Euro which was the prevailingconversion rate on the Petition Date) for legal fees.

Krammer Jahn explains that it calculated its attorneys' fees basedon an application of German statutory fee scales to the amount incontroversy in the Claassen Suit, in accordance with the GermanLawyer's Fees Act (Rechtsanwaltsvergütungsgesetz or "RVG") andGerman Federal Regulations for Lawyers (Bundesrechtsanwaltsordnungor "BRAO").

Judge Gross said the German Appellate Court Opinion on which thefees are calculated is void as the decision violated the automaticstay. Krammer Jahn is not entitled to judgment as a matter of lawand a factual issue about the reasonable amount of attorneys' feesthat form the basis of the Krammer Jahn Claim remains.

The Court directed the parties to schedule an evidentiary hearingto enable the Court to determine the reasonable fees to whichKrammer Jahn is entitled.

Solar Trust was a joint venture created by Solar Millennium AG andFerrostaal AG to develop solar projects at locations inCalifornia and Nevada. Located in the "Solar Sun Belt" of theAmerican Southwest, the project sites have extremely high solarradiation levels, and allow the Debtors' projects to harness highlevels of solar power generation. Projects include the rights todevelop one of the world's largest permitted solar plantfacilities with capacity of 1,000 MW in Blythe, California. Twoother projects contemplated 500 MW solar power facilities inDesert Center, California and Amargosa Valley, Nevada.

Although the Debtors have obtained highly valuable transmissionright and permits, each project is only in the developmentalphase and does not generate revenue for the Debtors. Ferrostaalceased providing funding two years ago and SMAG, due to its owndeteriorating financial condition, stopped providing fundingafter December 2011.

When the Debtor filed for bankruptcy, NextEra Energy Resources LLCcommitted to provide a postpetition secured credit facility andexpressed an interest in serving as stalking horse purchaser forcertain of the Debtors' assets.

Justin H. Rucki, Esq. at Young Conaway Stargatt & Taylor, LLP,served as counsel to the Debtors. K&L Gates LLP served as specialcorporate counsel.

Ridgecrest Solar Power estimated up to US$50,000 in assets anddebts. Ridgecrest Solar I, LLC, estimated up to US$50,000 inassets and up to US$10 million in liabilities.

In July 2012, NextEra Energy Inc. received formal authority tobuy the unfinished 1,000-megawatt facility in Blythe, California,owned by Solar Millennium Inc. NextEra paid US$10 million in cashplus as much as $40 million when the project is finished.

The Delaware Bankruptcy Court also approved the sale of the 500-megawatt project under development in Desert Center, California,to BrightSource Energy Inc. for a price that could reach aboutUS$30 million.

STELLAR BIOTECHNOLOGIES: Copy of Presentation to Investors----------------------------------------------------------Representatives of Stellar Biotechnologies, Inc., conductedmeetings with investors beginning Jan. 12, 2015, and will also bepresenting at the 7th Annual Biotech ShowcaseTM conference in SanFrancisco, according to a regulatory filing with the U.S.Securities and Exchange Commission.

Port Hueneme, Cal.-based Stellar Biotechnologies, Inc.'sbusiness is to commercially produce and market Keyhole LimpetHemocyanin ("KLH") as well as to develop new technology related toculture and production of KLH and subunit KLH ("suKLH")formulations. The Company markets KLH and suKLH formulations tocustomers in the United States and Europe.

KLH is used extensively as a carrier protein in the production ofantibodies for research, biotechnology and therapeuticapplications.

Stellar Biotechnologies reported a net loss of $8.43 million on$372,132 of total revenues for the year ended Aug. 31, 2014,compared to a net loss of $14.49 million on $545,469 of totalrevenues for the year ended Aug. 31, 2013. The Company alsoreportd a net loss of $5.52 million for the year ended Aug. 31,2012.

As of Aug. 31, 2014, the Company had $14.47 million in totalassets, $6.77 million in total liabilities and $7.70 million intotal shareholders' equity.

SUNCOKE ENERGY: S&P Retains 'BB-' CCR Over $200 Million Add-On--------------------------------------------------------------Standard & Poor's Ratings Services said that its ratings andoutlook on U.S.-based high-grade metallurgical coke producerSunCoke Energy Partners L.P. are unaffected by the company'sproposed $200 million add-on to its $400 million 7.375% seniorunsecured notes due 2020. The issue-level rating on the notesremains 'BB-'. S&P's '4' recovery rating on the notes indicatesaverage (30% to 50%) recovery in the event a payment default.

S&P expects the company will use the proceeds from the add-on tofund the acquisition of a 75% equity interest in Gateway Energy &Coke Co. LLC. The $245 million purchase from the general partner,SunCoke Energy Inc. (SXC), includes repayment of $135 million ofSXC's senior unsecured notes due 2019 and prefunding associatedenvironmental liabilities.

SYNARC-BIOCORE HOLDINGS: Moody's Cuts Corp. Family Rating to 'B3'-----------------------------------------------------------------Moody's Investors Service downgraded the ratings of Synarc-BioCoreHoldings, LLC, (dba "BioClinica") including the Corporate FamilyRating to B3 from B2 and the Probability of Default Rating to B3-PDfrom B2-PD. Moody's also downgraded the ratings of the first andsecond lien credit facilities to B2 and Caa2, respectively. Therating outlook is stable.

The company was formed in early 2014 by the merger of BioClinica,Inc. and CCBR-SYNARC. The downgrade of the ratings reflects revenueand EBITDA post-closing that is meaningfully below Moody'sexpectations. The weak financial performance has resulted inadjusted debt to EBITDA that no longer supports the B2 rating.

Ratings Downgraded:

Corporate Family Rating, to B3 from B2

Probability of Default Rating, to B3-PD from B2-PD

$40 million revolving credit facility, to B2 (LGD3) from B1 (LGD3)

$235 million first lien term loan, to B2 (LGD3) from B1 (LGD3)

$100 million second lien term loan, to Caa2 (LGD5) from Caa1(LGD5)

The outlook is stable.

Ratings Rationale

The B3 rating is constrained by BioClinica's small absolute sizeand its significant revenue and backlog concentration by customerand therapeutic area. The B3 also reflects the very high financialleverage and weak financial performance since the merger withCCBR-SYNARC. While Moody's expects improvement in EBITDA in 2015 assynergies are realized, adjusted debt to EBITDA will likely remainwell above 6.0x over the next 12-18 months.

The ratings are supported by the company's leadership position inthe specialized niche of outsourced imaging services for clinicaltrials. Moody's views this as a defensible business that lendsitself well to the outsourced model and is unlikely to facesignificant new competition given the investment required andrelatively small market opportunity. The ratings are also supportedby Moody's expectation of adequate liquidity and modestly positivefree cash flow in 2015, even after significant growth capitalexpenditures (largely related to capitalized software costsassociated with the eClinical business).

Moody's could upgrade the ratings if BioClinica gains increaseddiversity by customer and improves revenue and EBITDA performancesuch that adjusted leverage is expected to be sustained below6.0x.

Moody's could downgrade the ratings if BioClinica experiencessignificant contract cancellations or other business headwinds, orfails to achieve assumed synergies, such that adjusted leveragefails to decline below 7.5x or if there is any material weakeningof liquidity.

The principal methodology used in these ratings was Business andConsumer Service Industry published in December 2014. Othermethodologies used include Loss Given Default for Speculative-GradeNon-Financial Companies in the U.S., Canada and EMEA published inJune 2009.

Synarc-BioCore Holdings, LLC is a leading provider of specializedservices to the pharmaceutical industry with a focus on clinicalimaging. The company is owned by private equity firms JLL Partnersand Water Street Healthcare Partners. The company generates servicerevenue of less than $250 million annually.

TARGETED MEDICAL: Board Fires Chief Executive Officer-----------------------------------------------------Targeted Medical Pharma, Inc.'s Board of Directors voted toterminate Dr. William Shell's employment with the Company as chiefexecutive officer and chief scientific officer and remove him asChairman of the Board, according to a regulatory filing with theU.S. Securities and Exchange Commission. The employment agreementdated June 1, 2010, between Dr. Shell and the Company, as amended,expired on Dec. 31, 2014.

Dr. Shell remains a member of the Company's Board. Dr. Shell'sdeparture was not as a result of any disagreement with the Companyon any matter relating to the Company's operations, policies orpractices.

In connection with the termination of Dr. Shell's employment andhis removal as Chairman of the Board, the Board appointed Kerry N.Weems as Chairman of the Board. Kim Giffoni, the Company's formerexecutive vice president of Foreign Sales and Investor Relationsand a current director was appointed as the Company's interim chiefexecutive officer. Further, Dr. David S. Silver, the Company'sformer president and chief operating officer and a current directorwas appointed as the Company's chief medical officer.

Targeted Medical reported a net loss of $9.33 million on$9.55 million of total revenue for the year ended Dec. 31, 2013,as compared with a net loss of $9.58 million on $7.29 million oftotal revenue in 2012.

Marcum LLP, in Irvine, CA, issued a "going concern" qualificationon the consolidated financial statements for the year endedDec. 31, 2013. The independent auditors noted that the Companyhas incurred significant net losses since its inception, and hasan accumulated deficit of $23.0 million as of Dec. 31, 2013, andincurred a net loss of $9.34 million and negative cash flows fromoperations of $2.047 million for the year ended Dec. 31, 2013.

The Company's balance sheet at Sept. 30, 2014, showed $3.22 millionin total assets, $11.9 million in total liabilities, and a $8.70million stockholders' deficit.

TENET HEALTHCARE: Releases 2015 Business Outlook------------------------------------------------Tenet Healthcare Corporation expects its Adjusted EBITDA for 2015to be in a range of $2.05 billion to $2.15 billion. The Companyexpects its Adjusted EBITDA to be toward the top of its previouslyissued Outlook range of $1.90 billion to $1.95 billion for 2014.

"I am pleased with Tenet's strong volume growth in the fourthquarter," said Trevor Fetter, president and chief executiveofficer. "We are confident that our strategies will drivecontinued growth in our hospitals and outpatient facilities andthat our Conifer subsidiary will become an even better partner forTenet and other health systems seeking to improve quality and lowerthe total cost of care for patients. We look forward to buildingon the strong performance we achieved throughout 2014."

Preliminary Fourth Quarter 2014 Volume Metrics

In the fourth quarter, Tenet achieved same-hospital adjustedadmissions growth of an estimated 4.8 percent and inpatientadmissions growth of 4.0 percent compared to the fourth quarter of2013. Outpatient visits increased by an estimated 9.5 percent. TheCompany's robust admissions growth trend included continuing stronggrowth in commercial admissions, setting another quarterlycommercial growth record with the largest increase in same-hospitalcommercial growth in more than a decade. Paying admissionsincreased by 6.1 percent in the quarter.

Payer mix in the fourth quarter of 2014 also sustained thestrengthening trend established earlier in the year. In the fivestates that expanded Medicaid eligibility under the Affordable CareAct, Tenet achieved a decline in uninsured plus charity admissionsof 2,547 admissions, or 62.4 percent, and an increase in Medicaidadmissions of 4,355 admissions, or 20.5 percent. Across the entirecompany, including those states that did not expand Medicaid,uninsured plus charity admissions declined by 3,109 admissions, or21.9 percent, in the fourth quarter, while Medicaid admissionsincreased by 4,555 admissions, or 9.0 percent.

Exchange volumes continued to grow with 3,768 exchange admissionsin the fourth quarter, an increase of 373 exchange admissions, or11.0 percent, as compared to 3,395 same-hospital exchangeadmissions in the third quarter of 2014.

California Provider Fee Program

In the fourth quarter of 2014, the Centers for Medicare andMedicaid Services approved the California Provider Fee program forthe three year period Jan. 1, 2014, through Dec. 31, 2016. As aresult, the company will recognize approximately $165 million oftotal company net revenue from the program in the fourth quarter of2014 ($150 million of same-hospital revenue) and approximately $170million in 2015 ($155 million of same-hospital revenue).

2015 Outlook

Based on current market conditions and expectations, for thecalendar year 2015 Tenet anticipates:

Tenet Healthcare Corporation is a national, diversified healthcareservices company with more than 105,000 employees united around acommon mission: to help people live happier, healthier lives. TheCompany operates 80 hospitals, more than 210 outpatient centers,six health plans and Conifer Health Solutions, a leading providerof healthcare business process services in the areas of revenuecycle management, value based care and patient communications. Formore information, please visit www.tenethealth.com.

Tenet reported a net loss attributable to common shareholders of$134 million compared to net income attributable to commonshareholders of $141 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $17.3billion in total assets, $16.05 billion in total liabilities, $396million in redeemable noncontrolling interests in equity ofconsolidated subsidiaries, and $866 million in total equity.

THERAPEUTICSMD INC: Files Investor Presentation-----------------------------------------------TherapeuticsMD, Inc., furnished with the U.S. Securities andExchange Commission an investor presentation which will be used, inwhole or in part, at meetings with investors or analysts from timeto time.

The presentation includes discussion about the Company's mission,long-term growth opportunity, and overview of the Company'sproducts.

The Company also disclosed that as of Nov. 4, 2014, it had 156million of outstanding shares. As of Sept. 30, 2014, the Companyhad $67 million in cash.

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is awomen's healthcare product company focused on creating andcommercializing products targeted exclusively for women. TheCompany currently manufactures and distributes branded and genericprescription prenatal vitamins as well as over-the-countervitamins and cosmetics. The Company is currently focused onconducting the clinical trials necessary for regulatory approvaland commercialization of advanced hormone therapy pharmaceuticalproducts designed to alleviate the symptoms of and reduce thehealth risks resulting from menopause-related hormonedeficiencies.

TherapeuticsMD reported a net loss of $28.4 million in 2013, anet loss of $35.1 million in 2012, and a net loss of $12.9million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $74.6 millionin total assets, $11 million in total liabilities, all current, and$63.6 million in total stockholders' equity.

THORNBURGH RESORT: Claims Against Sterling Invalid, Court Says--------------------------------------------------------------Sterling Savings Bank seeks a declaration that any claimsThornburgh Resort Company, LLC, makes against Sterling are invalid.Thornburgh, in turn, alleges Sterling breached its fiduciary dutyto a surety, intentionally interfered with Thornburgh's businessexpectancy, tortiously breached the duty of good faith and fairdealing, and is liable under common law indemnity.

TLC HEALTH: Mulls Closure of Nursing Home in April 2015-------------------------------------------------------Stephen T. Watson at The Buffalo News reports that TLC HealthNetwork has notified employees and the state Labor Department ofthe potential closing of its nursing home in April 2015. Companyspokesperson Scott Butler said that the possible closing of thenursing home comes as the network is still trying to emerge fromreorganizational bankruptcy, the report adds.

The Buffalo News states that 70 workers will lose their jobs, buthealth system officials say they hope to find a way to avoidclosing the facility.

The Buffalo News, citing 1199SEIU Health Care Workers East, relatesthat 13 people work directly in the nursing home, and the remainingworkers who are facing layoffs are in positions at Lake Shorehospital tied to the unit. According to the report, union vicepresident Todd Hobler said that the Company has shifted the unitfrom skilled, long-term care to rehabilitation, and the facilityhas fewer patients and more empty beds.

Mr. Butler, according to The Buffalo News, said the Company laidoff last week 14 employees from across the health system.

Nicole Gugino at Observer Today, citing Chief Judge Carl L. Bucki'sLaw Clerk Adolph Iannaccone, mentions that the Company reached anagreement with the creditor's committee to extend until Feb. 2,2015, the period for the Company to exclusively file a plan forreorganization, adjourning the Jan. 12, 2015 hearing on theextension to Feb. 2.

Observer Today relates that the Company's officials are announcingthat John Eichner, CPA, has been appointed as their new Director ofFinance, to manage the overall finances of the health system andproviding oversight of the Finance and Patient Accountsdepartments.

About TLC Health Network

TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y.Case No. 13-13294) on Dec. 16, 2013. The petition was signed byTimothy Cooper as Chairman of the Board. The Debtor estimatedassets of at least $10 million and debt of at least $1 million.Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C.,serves as the Debtor's counsel. Damon & Morey LLP is the Debtor'sspecial health care law and corporate counsel. The Bonadio Groupis the Debtor's accountants. Howard P. Schultz & Associates, LLCis the Debtor's appraiser.

The case is assigned to the Hon. Carl L. Bucki.

A three-member panel composed of Cannon Design, ChautauquaOpportunities, Inc., and Jamestown Rehab Services has beenappointed as the official unsecured creditors committee. Bond,Schoeneck & King, PLLC is the counsel to the Committee. TheCommittee has tapped NextPoint LLC as financial advisor.

TRANSGENOMIC INC: Dolphin Offshore Holds 7.6% Stake as of Jan. 2----------------------------------------------------------------In a Schedule 13D filed with the U.S. Securities and ExchangeCommission, Dolphin Offshore Partners L.P. disclosed that as ofJan. 2, 2014, it beneficially owned 560,020 common shares ofTransgenomic representing 7.62% of shares outstanding. Peter Salasis president and controlling person of Dolphin. A full-text copyof the regulatory filing is available at http://is.gd/Kn2DSe

About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global biotechnology company advancing personalized medicine incardiology, oncology, and inherited diseases through itsproprietary molecular technologies and world-class clinical andresearch services. The Company is a global leader in cardiacgenetic testing with a family of innovative products, includingits C-GAAP test, designed to detect gene mutations which indicatecardiac disorders, or which can lead to serious adverse events.Transgenomic has three complementary business divisions:Transgenomic Clinical Laboratories, which specializes in moleculardiagnostics for cardiology, oncology, neurology, and mitochondrialdisorders; Transgenomic Pharmacogenomic Services, a contractresearch laboratory that specializes in supporting all phases ofpre-clinical and clinical trials for oncology drugs indevelopment; and Transgenomic Diagnostic Tools, which producesequipment, reagents, and other consumables that empower clinicaland research applications in molecular testing and cytogenetics.Transgenomic believes there is significant opportunity forcontinued growth across all three businesses by leveraging theirsynergistic capabilities, technologies, and expertise. TheCompany actively develops and acquires new technology and otherintellectual property that strengthens its leadership inpersonalized medicine.

The Company reported a net loss available to common stockholdersof $16.7 million in 2013, a net loss available to commonstockholders of $8.98 million in 2012 and a net loss available tocommon stockholders of $10.8 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $30.8million in total assets, $20.6 million in total liabilities and$10.2 million in stockholders' equity.

TRUMP ENTERTAINMENT: Can Access Cash Collateral Until January 16----------------------------------------------------------------The Hon. Kevin Gross of the U.S. Bankruptcy Court for the Districtof Delaware entered a second stipulation and order authorizingTrump Entertainment Resorts Inc. and its debtor-affiliates to usecash collateral until Jan. 16, 2015, pursuant to a cash collateralbudget, a copy of which is available for free athttp://is.gd/DrR4vk

About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic CityBoardwalk casinos that bear the name of Donald Trump, returned toChapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept.9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotelslocated in Atlantic City, New Jersey. TER said it will close theTrump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent unionconcessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the jointadministration of their Chapter 11 cases and the consolidationthereof for procedural purposes only. Judge Kevin Gross presidesover the Chapter 11 cases.

TER estimated $100 million to $500 million in assets as of thebankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principalplus accrued but unpaid interest of $6.6 million under a first liendebt issued under their 2010 bankruptcy-exit plan. The Debtorsalso have trade debt in the amount of $13.5 million.

The Official Committee of Unsecured Creditors tapped Gibbons P.C.as its co-counsel, the Law Office of Nathan A. Schultz, P.C., asco-counsel, and PricewaterhouseCoopers LLP as its financialadvisor.

TRUMP ENTERTAINMENT: Panel Balks at Exclusivity Extension Bid-------------------------------------------------------------The Official Committee of Unsecured Creditors of TrumpEntertainment Resorts Inc. and its debtor-affiliates objected tothe Debtors' motion to extend their exclusive periods to file aChapter 11 plan and solicit acceptances of that plan.

Natasha M. Songonuga, Esq., at Gibbons P.C., said the Debtors'initial exclusive periods provided under section 1121(b)&(c) of theBankruptcy Code extend through and including March 9, 2015. TheDebtors are seeking to schedule a confirmation hearing on theirthird amended plan of reorganization on March 4, 2015. However, theDebtors have advised the Court that even if the Plan is confirmedin early March 2015, there is likely to be a significant delaybefore the Plan can go effective, Ms. Songonuga.

Ms. Songonuga noted the Debtors have not yet filed definitivedocumentation for their proposed debtor-in-possession financing,much less obtained Court approval for the debtor-in-possessionfacility and satisfied the Icahn parties' extensive borrowingconditions. If the Debtors are not able to gain access to the DIPfacility -- or if the Icahn parties subsequently terminate -- thenthe Debtors would almost certainly be required to close the TajMahal.

The Committee also is mindful that circumstances for the Debtors'estates may change greatly over the coming weeks and months. Withso much uncertainty hovering over the Debtors' chapter 11 cases, itwould not be appropriate to grant the Debtors an unqualifiedextension of the exclusive periods through June 8, 2015, which isnearly six months from now, she added.

As reported in the Troubled Company Reporter on Nov. 18, 2014, theCommittee asked the Court terminate the exclusivity. According toTCR, the Committee stated "The Second Amended Plan confirms thatthe Icahn Parties will not agree to share anything more than anominal 'tip' value with the Committee's constituents. Even afterthe Court expressed significant concerns about the Debtors/IcahnPlan at the initial disclosure hearing on Nov. 5, the Icahn Partiesrefused to commit to fund the Debtors' Chapter 11 cases or toconsider any meaningful return for general unsecured creditors."

The Committee added that it is prepared to file a plan, which wouldprovide fair and equitable treatment to all creditors. Natasha M.Songonuga, Esq., at Gibbons PC, in Wilmington, Delaware, assertsthat the Committee's plan would satisfy administrative and priorityclaims and would turn over the casino collateral to the IcahnParties in full satisfaction of their secured claim. And the planwould fund a liquidating trust to provide meaningful value togeneral unsecured creditors, Ms. Songonuga adds.

About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic CityBoardwalk casinos that bear the name of Donald Trump, returned toChapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept.9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotelslocated in Atlantic City, New Jersey. TER said it will close theTrump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent unionconcessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the jointadministration of their Chapter 11 cases and the consolidationthereof for procedural purposes only. Judge Kevin Gross presidesover the Chapter 11 cases.

TER estimated $100 million to $500 million in assets as of thebankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principalplus accrued but unpaid interest of $6.6 million under a first liendebt issued under their 2010 bankruptcy-exit plan. The Debtorsalso have trade debt in the amount of $13.5 million.

The Official Committee of Unsecured Creditors tapped Gibbons P.C.as its co-counsel, the Law Office of Nathan A. Schultz, P.C., asco-counsel, and PricewaterhouseCoopers LLP as its financialadvisor.

TRUMP ENTERTAINMENT: Panel Files 2nd Objection to Plan Outline--------------------------------------------------------------The Official Committee of Unsecured Creditors of TrumpEntertainment Resorts, Inc., et al., filed a second supplementalobjection and reservation of rights with respect to the Debtors'motion seeking approval of the disclosure statement explainingtheir Third Amended Joint Plan of Reorganization.

The Creditors' Committee states: "Nearly two months have passedsince the Court issued its Order for Rule to Show Cause Why theCourt Should not Convert the Case to One Under Chapter 7. Unfortunately, with only a few days before the January 16 hearingon the Disclosure Statement Motion, the Debtors have not yet beenable to finalize an agreement with their prepetition lenders tofund the administration of the Debtors’ Chapter 11 cases. Thisshortcoming alone renders any consideration of the DisclosureStatement Motion premature at this time. The Court wiselydetermined that postpetition financing is a necessary (but notsufficient) condition that must be resolved before the Debtors willbe permitted to solicit votes and seek confirmation of the Plan. Moreover, even if the Debtors were able to finalize an agreementwith the Icahn Parties for postpetition financing between now andthe January 16 hearing, the Third Amended Plan is too incomplete,contingent and speculative to warrant approval of the DisclosureStatement."

The Committee pointed out that several changes reflected in theThird Amended Plan render it patently unfeasible, and thereforepatently unconfirmable. Most glaringly, the Committee complained,the Third Amended Plan provides that the Debtors would be requiredto repay $20 million in postpetition financing on the EffectiveDate but that the Debtors would receive only $13.5 million in exitfinancing to do so.

TER and its affiliated debtors own and operate two casino hotelslocated in Atlantic City, New Jersey. TER said it will close theTrump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent unionconcessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the jointadministration of their Chapter 11 cases and the consolidationthereof for procedural purposes only. Judge Kevin Gross presidesover the Chapter 11 cases.

TER estimated $100 million to $500 million in assets as of thebankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principalplus accrued but unpaid interest of $6.6 million under a firstlien debt issued under their 2010 bankruptcy-exit plan. TheDebtors also have trade debt in the amount of $13.5 million.

The Official Committee of Unsecured Creditors tapped Gibbons P.C.as its co-counsel, the Law Office of Nathan A. Schultz, P.C., asco-counsel, and PricewaterhouseCoopers LLP as its financialadvisor.

TWIN CITIES STORES: Calif. Court Affirms Tax Ruling v. Nelson-------------------------------------------------------------Bruce Nelson challenged several personal liability assessments thatthe Minnesota Commissioner of Revenue made against him and ScottStevens. The assessments were for unpaid petroleum and sales taxes.The amount of the unpaid taxes exceeds $4 million. Nelson does notdispute his personal liability for the taxes under Minnesota lawbut asserts the tax court erred in granting summary judgment to theCommissioner by denying his request for additional discovery toexplore an estoppel defense.

Nelson's appeal to the Minnesota Supreme Court was unsuccessful. In2013, the resulting judgment was certified and registered inCalifornia. Nelson moved to vacate the California judgment based onthe contention that the tax court's discovery ruling denied him dueprocess of law. The trial court in California denied the motion tovacate and Nelson appealed the ruling.

"We affirm," the Court of Appeals of California, Second District,Division Six, said in a January 6, 2015 decision available athttp://is.gd/aBaYaQfrom Leagle.com.

Twin Cities Stores Inc., filed Chapter 11 again on June 30, 2009,before the U.S. Bankruptcy Court for the District of Minnesota inSt. Paul (Case No. 09-34468), after emerging from a previousbankruptcy reorganization in 2004. The new petition said assetsare less than $10 million while debt exceeded $10 million.Liabilities include $17.6 million on two secured loans. Thecompany also owed almost $4 million to the state of Minnesota forunpaid fuel taxes.

VERMILLION INC: Shares Copy of Investor Presentation----------------------------------------------------Vermillion, Inc., filed with the U.S. Securities and ExchangeCommission the investor presentation that the Company plans to usein conjunction with meetings, beginning on Jan. 12, 2015, duringthe J.P. Morgan Healthcare Conference, a copy of which is availablefor free at http://is.gd/C2busn

About Vermillion

Vermillion, Inc., is dedicated to the discovery, development andcommercialization of novel high-value diagnostic tests that helpphysicians diagnose, treat and improve outcomes for patients.Vermillion, along with its prestigious scientific collaborators,has diagnostic programs in oncology, hematology, cardiology andwomen's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.Del. Case No. 09-11091) on March 30, 2009. Vermillion's legaladvisor in connection with its successful reorganization effortswass Paul, Hastings, Janofsky & Walker LLP. Vermillion emergedfrom bankruptcy in January 2010. The Plan called for the Companyto pay all claims in full and equity holders to retain control ofthe Company.

Vermillion incurred a net loss of $8.81 million in 2013, a netloss of $7.14 million in 2012 and a net loss of $17.8 million in2011.

As of Sept. 30, 2014, Vermillion had $18.4 million in totalassets, $5.83 million in total liabilities and $12.6 million intotal stockholders' equity.

VILLAGE GREEN I: Case Dismissal Order, Jan. 30 Foreclosure Stayed-----------------------------------------------------------------District Judge S. Thomas Anderson for the Western District ofTennessee granted the request of Village Green I, GP for a stay ofa bankruptcy court order dismissing its Chapter 11 case while itappeals to the U.S. Court of Appeals for the Sixth Circuit.

On December 1, 2014, the District Court affirmed the BankruptcyCourt's sua sponte dismissal of Village Green's Chapter 11 petitionand decision to lift the automatic stay. On Dec. 12, 2014, VillageGreen filed a Notice of Appeal to the Sixth Circuit.

Fannie Mae has noticed a foreclosure sale of the Village Greenproperty for Jan. 30, 2015, and Village Green has responded byfiling the Motion for Stay.

Village Green contends that it will suffer irreparable harm if theforeclosure proceeds because it will lose its only asset and itsappeal to the Sixth Circuit will be moot. Village Green saidFannie Mae will continue to receive monthly payments from VillageGreen and therefore will not suffer any harm if the current stayremains in effect. A stay will also serve the public interest inpermitting the reorganization of business concerns under chapter 11and promoting meaningful appellate review generally, it argued.

Fannie Mae opposed, arguing that Village Green has not shown anylikelihood of success on the merits or even serious questions goingto the merits. Fannie Mae further argues that Village Green willnot suffer irreparable harm in the event of a foreclosure becauseVillage Green will still have other remedies available under statelaw. For its part Fannie Mae will continue to suffer thedeprivation of its contractual right to foreclose and the benefitof its bargain with Village Green.

"The balance of the factors weighs in favor of a stay," JudgeAnderson said in its Jan. 6, 2015 Order is available athttp://is.gd/ODrpa6from Leagle.com.

The debtor estimated its assets and debts at less than $10 millionin its bankruptcy petition. Fannie Mae is owed about $9.2million.

VIRGIN ISLANDS WAPA: S&P Revises Outlook, Affirms 'BB+' Bonds Ratin-------------------------------------------------------------------Standard & Poor's Ratings Services has revised its outlook onVirgin Islands Water and Power Authority's (WAPA) electric systemrevenue bonds to stable from negative. At the same time, Standard& Poor's affirmed its 'BBB-' senior-lien rating and its 'BB+'subordinate debt ratings on the bonds.

"The outlook revision reflects our view of the improved competitiveposition from recent rate cuts and the progress that the authorityhas made in diversifying its outlook for energy costs," saidStandard & Poor's credit analyst Peter Murphy.

WAPA has made strides in its plan to reduce oil dependence in itsgenerating fleet by converting two plants to burn propane, seekingto improve efficiency at its plants and in its distributionnetwork, and adding renewable energy sources, such as solar power.

Fuel costs accounted for about 72% of fiscal 2014 operatingexpenditures, which is up from about 62% in 2004 but slightly lowerthan more recent years. Generally high oil prices have stressedthe authority's financial performance, due to the lag in recoveringfuel costs quickly from electric customers. Failure to recoverfully and timely fuel costs affected debt service coverage. Therecent decline in oil prices has improved WAPA's cost profile.

The stable outlook reflects S&P's view that while rates remainhigh, the recent drop-off in levelized energy adjust clause ratesand improved competitive position will be favorable for collectionsand electricity demand. Given the decline in oil prices, and theexpected drop in the authority's exposure to oil price swings, S&Pexpects near-term financial pressures to moderate. However, if theeconomic or oil price situations weaken, there could be downwardpressure on the rating or outlook. Because of the system's highdebt burden, rates, and receivable balances, S&P do not expect therating to rise in the next year.

VUZIX CORP: Intel Corp Owns 30% Equity Stake as of Jan. 2---------------------------------------------------------In a Schedule 13D filed with the U.S. Securities and ExchangeCommission, Intel Corporation disclosed that as of Jan. 2, 2015, itbeneficially owned 4,962,600 shares of common stock of Vuzix Corporation representing 30 percent of the sharesoutstanding.

On Jan. 2, 2015, Intel entered into a Series A Preferred StockPurchase Agreement with the Company, whereby the Company agreed toissue and sell to Intel an aggregate of 49,626 shares of its SeriesA Convertible Preferred Stock, par value $0.001 per share, at apurchase price of $500 per share, for an aggregate purchase priceof $24,813,000. Each share of Series A Preferred Stock isconvertible, at the option of Intel, into 100 shares Common Stock,at an initial conversion price of $5.00 per share, subject toadjustment in the event of stock splits, dividends or othercombinations.

Vuzix -- http://www.vuzix.com-- is a supplier of Video Eyewear products in the consumer, commercial and entertainment markets.The Company's products, personal display devices that offer usersa portable high quality viewing experience, provide solutions formobility, wearable displays and virtual and augmented reality.Vuzix holds 33 patents and 15 additional patents pending andnumerous IP licenses in the Video Eyewear field. Founded in 1997,Vuzix is a public company with offices in Rochester, NY, Oxford,UK and Tokyo, Japan.

As of Sept. 30, 2014, the Company had $3.94 million in totalassets, $13.9 million in total liabilities and a $9.97 millionstockholders' deficit.

The Company's independent registered public accounting firm, EFPRotenberg, LLP, in Rochester, New York, included in its report onthe consolidated financial statements for the years ended Dec. 31,2013, and 2012 an explanatory paragraph describing the existenceof conditions that raise substantial doubt about the Company'sability to continue as a going concern, including continuedoperating losses and the potential inability to pay currently duedebts. The Company has incurred a net loss from continuingoperations consistently over the last 2 years. The Companyincurred annual net losses from its continuing operations of$10,146,228 in 2013 and $4,747,387 in 2012, and has an accumulateddeficit of $36,292,532 as of Dec. 31, 2013. The Company's ongoinglosses have had a significant negative impact on the Company'sfinancial position and liquidity, EFP Rotenberg said.

WAFERGEN BIO-SYSTEMS: Hal Mintz Has 9.9% Stake as of Dec. 31------------------------------------------------------------Hal Mintz and his affiliates disclosed in a regulatory filing withthe U.S. Securities and Exchange Commission that as of Dec. 31,2014, they beneficially owned 585,255 shares of common stock ofWaferGen Bio-systems, Inc., representing 9.97 percent of the sharesoutstanding. A full-text copy of the regulatory filing isavailable for free at http://is.gd/Gwlk7B

About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages inthe development of systems for gene expression quantification,genotyping and stem cell research. Since 2008, the Company'sprimary focus has been on the development, manufacture andmarketing of its SmartChip System, a genetic analysis platformused for profiling and validating molecular biomarkers in the lifesciences and pharmaceutical drug discovery industries.

WaferGen reported a net loss attributable to common stockholdersof $17.7 million in 2013, following a net loss attributable tocommon stockholders of $8.97 million in 2012.

SingerLewak LLP, in San Jose, California, issued a "going concern"qualification on the consolidated financial statements for theyear ended Dec. 31, 2013. The independent auditors noted that theCompany has incurred operating losses and negative cash flows fromoperating activities since inception which raise substantial doubtabout the Company's ability to continue as a going concern.

WESTMORELAND RESOURCE: 6 Directors Named to Gen. Partner's Board----------------------------------------------------------------According to a regulatory filing with the U.S. Securities andExchange Commission, these directors were appointed to the board ofdirectors of Westmoreland Resources GP, LLC, a wholly ownedsubsidiary of Westmoreland Coal Company, and general partner ofWestmoreland Resource Partners, LP: Keith E. Alessi, Kevin A.Paprzycki, Jennifer S. Grafton, Robert T. Clutterbuck, Keith D.Horton and Kurt D. Kost.

Keith E. Alessi was appointed to the Board of the GP as an employeedirector. Mr. Alessi currently serves as chief executive officerand president of the GP and chief executive officer ofWestmoreland. Mr. Alessi will not receive compensation forservices as an employee director of the Board.

Kevin A. Paprzycki was appointed to the Board of the GP as anemployee director. Mr. Paprzycki currently serves as chieffinancial officer and treasurer of both the GP and Westmoreland.Mr. Paprzycki will not receive compensation for services as anemployee director of the Board.

Jennifer S. Grafton was appointed to the Board of the GP as anemployee director. Ms. Grafton currently serves as chief legalofficer and secretary of the GP and senior vice president, chiefadministrative officer and secretary of Westmoreland. Ms. Graftonwill not receive compensation for services as an employee directorof the Board.

Robert Clutterbuck was appointed to the Board of the GP as anindependent director. Mr. Clutterbuck is the managing partner andportfolio manager at Clutterbuck Capital Management LLC. Mr.Clutterbuck was Chairman of Key Capital Partners, which providedbrokerage, capital markets, insurance, investment banking and assetmanagement expertise to business and private clients nationwide. Mr. Clutterbuck was also chief executive officer of McDonaldInvestments Inc. and was a senior executive vice president ofKeyCorp. In addition to serving on the McDonald Investments Board,Mr. Clutterbuck has served on numerous philanthropic boards as wellas a number of advisory boards of financial institutions. Mr.Clutterbuck earned his bachelor's degree from Ohio WesleyanUniversity and his MBA from the University of Pennsylvania WhartonSchool of Business.

Keith Horton was appointed to the Board of the GP as an independentdirector. Mr. Horton is currently president of PVR Coal, asubsidiary of Regency Gas Partners. Previously he acted asexecutive vice president and chief operating officer - Coal at PVRPartners, a publicly traded master limited partnership. Mr. Hortonhas an extensive background in coal operations and management,including a mine engineer position with Westmoreland Coal Companythat was his first position out of college. Mr. Horton earned hisbachelor's in Engineering of Mines from West Virginia Universityand completed the University of Virginia Darden School of Business'Executive Management Program.

Kurt Kost was appointed to the Board of the GP as an independentdirector. Mr. Kost has over 34 years experience in the miningindustry. Mr. Kost's expertise includes coal operations andengineering; safety and process management related to operationaland maintenance improvements; deploying technology in practicalfield applications; post-merger organization design andimplementation; executive management and leadership. Mr. Kost iscurrently senior vice president with Norwest Corporation andprevious to that was president at Alpha Natural Resources. Mr.Kost earned his bachelor's degree in Mining Engineering from SouthDakota School of Mines and Technology and in 2004 completed HarvardBusiness School's Advanced Management Program.

About Westmoreland Resource

Oxford Resource Partners, LP, now known as Westmoreland ResourcePartners, LP, is a producer of high value steam coal, and is thelargest producer of surface mined coal in Ohio.

Oxford Resource reported a net loss of $20.2 million on $287million of revenues for the nine months ended Sept. 30, 2012,compared with a net loss of $4 million on $304.1 million ofrevenues for the same period of 2011.

The Company's balance sheet at Sept. 30, 2014, showed $203.9million in total assets, $218 million in total liabilities, and apartners' deficit of $14.2 million.

YMCA OF MILWAUKEE: To Close Down South Shore YMCA on Jan. 31------------------------------------------------------------Rich Kirchen, senior reporter at Milwaukee Business Journal,reports that the Young Men's Christian Association of MetropolitanMilwaukee, Inc., said on Tuesday that it will shut down the SouthShore YMCA in Cudahy effective Jan. 31, 2015.

According to Business Journal, the Milwaukee YMCA had hoped to sellthe Cudahy location and use proceeds to pay down debt.

Milwaukee Y said in a press release that its "leadership diligentlysought a new operator for the South Shore Y, but no buyers havecome forward with an offer." YMCA officials said in the pressrelease that it is not possible to continue operating the SouthShore branch and making investments "to address the extensivedeferred maintenance at the center and make the improvements neededfor it to compete long-term."

Business Journal relates that YMCA officials anticipate that thebuilding and related assets will be placed into a bank trust, ascalled for in the Milwaukee Y's reorganization plan, when the SouthShore location shuts down. According to the report, the Plan isscheduled for a hearing on Jan. 30, 2015.

The bank trustee, Business Journal reports, will operate, lease,sell, assign or otherwise dispose of the South Shore facility orother trust assets, and South Shore Y members can transition to adifferent Milwaukee Y center by Jan. 31, 2015.

YMCA Milwaukee, which has more than 100,000 members using itscenters and camps, plans to sell a majority of its owned realestate to help pay down $29 million in debt.

YMCA Milwaukee estimated $10 million to $50 million in both assetsand liabilities. YMCA Academy estimated $100,000 to $500,000 inboth assets and liabilities.

The cases are assigned to Judge Susan V. Kelley.

The Debtors have tapped Olivier H. Reiher, Esq., and Mark L. Metz,Esq., at Leverson & Metz, S.C., in Milwaukee, as counsel. TheDebtors have engaged Ernst & Young LLP as their financialadvisors, and Reputation Partners, L.L.C. as their publicrelations advisors. The Debtors have also tapped Fox, O'Neill &Shannon, S.C. as their special counsel for real estate matters.

On June 30, 2014, the Official Committee of Unsecured Creditorswon approval to retain Goldstein & McClintock LLLP as its counsel,provided that the G&M attorney who had represented the BMOparticipant may not participate in representation of theCommittee. The Committee also won approval to hire Navera Group,LLC as financial advisors.

YMCA OF MILWAUKEE: To Close South Shore Y in Cudahy---------------------------------------------------The YMCA of Metropolitan Milwaukee on Jan. 13 disclosed that itwill close the South Shore YMCA, located at 3244 E. College Ave. inCudahy, effective January 31, 2015. All programming and centerhours will continue as normally scheduled until that time.

As announced in June 2014, the YMCA of Metropolitan Milwaukee hasbeen implementing a comprehensive restructuring plan designed toaddress its operating challenges, repay as much debt as possibleand reposition the Milwaukee Y for the future. That plan calledfor the organization to establish a Milwaukee Y comprised ofcenters within (or very close to) the City of Milwaukee and selloff the majority of its owned real estate assets, including theSouth Shore Y, in order to pay down debt.

Since that time, the Milwaukee Y's leadership diligently sought anew operator for the South Shore Y, but no buyers have come forwardwith an offer. While the Milwaukee Y has a deep appreciation forthe passion and involvement of the South Shore Y community, itsimply is not possible for the organization to continue operationsand make the required investments to address the extensive deferredmaintenance at the center and make the improvements needed for itto compete long-term. When the center is closed on January 31, itis anticipated that the building and related assets will be placedinto a bank trust administered by BMO Harris Bank (or itsdesignee), as agreed to in the Milwaukee Y's plan ofreorganization, which is to be considered by the Court on January30. The bank trustee will have full authority and discretion tooperate, lease, sell, assign or otherwise dispose of the SouthShore facility or other trust assets.

"This was a very difficult decision, and one we didn't come towithout exploring all other options," said Julie Tolan, presidentand chief executive officer of the YMCA of Metropolitan Milwaukee."We are sincerely sorry for the impact this will have on our manyloyal South Shore members and employees, and we pledge to worktirelessly over the next few weeks to ensure a smooth transitionfor all involved."

Current South Shore Y members have the option to transition to adifferent Milwaukee Y center by January 31. Employees who cannotbe retained at other centers will be offered severance.

A hearing to approve the Milwaukee Y's complete restructuring planhas been scheduled for January 30. If the reorganization plan isapproved by the Court, the Milwaukee Y will emerge from Chapter 11smaller, debt free and better positioned to carry out its vision ofa stronger, healthier Milwaukee where families of all incomes andbackgrounds truly thrive. For more information about the MilwaukeeY's restructuring plan, please visit www.ymcamke.org/restructuring

YMCA Milwaukee, which has more than 100,000 members using itscenters and camps, plans to sell a majority of its owned realestate to help pay down $29 million in debt.

YMCA Milwaukee estimated $10 million to $50 million in both assetsand liabilities. YMCA Academy estimated $100,000 to $500,000 inboth assets and liabilities. The formal schedules of assets andliabilities are due June 18, 2014.

The cases are assigned to Judge Susan V. Kelley.

The Debtors have tapped Olivier H. Reiher, Esq., and Mark L. Metz,Esq., at Leverson & Metz, S.C., in Milwaukee, as counsel. TheDebtors have engaged Ernst & Young LLP as their financialadvisors, and Reputation Partners, L.L.C. as their public relationsadvisors. The Debtors have also tapped Fox, O'Neill & Shannon,S.C. as their special counsel for real estate matters.

On June 30, 2014, the Official Committee of Unsecured Creditors wonapproval to retain Goldstein & McClintock LLLP as its counsel,provided that the G&M attorney who had represented the BMOparticipant may not participate in representation of the Committee. The Committee also won approval to hire Navera Group, LLC asfinancial advisors.

ZOGENIX INC: Cash at $42.2 Million as of Dec. 31------------------------------------------------Zogenix, Inc., announced that its preliminary unaudited cash andcash equivalents as of Dec. 31, 2014, were approximately $42.2million, including $21.5 million in cash from a term loan and arevolving line of credit with Oxford Finance LLC and Silicon ValleyBank, according to a regulatory filing with the U.S. Securities andExchange Commission. In addition, $8.5 million is being held inescrow from the proceeds of the sale of Sumavel DosePro to EndoPharmaceuticals.

The Company noted that the preliminary unaudited cash position issubject to the completion of financial closing procedures and otherdevelopments that may arise between now and the time the financialresults for the fourth quarter are finalized, as well as thecompletion of the audit of the 2014 financial statements. Therefore, actual results may differ materially from theseestimates. In addition, the Company estimates do not present allinformation necessary for an understanding of Zogenix's financialcondition as of Dec. 31, 2014.

About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego andEmeryville, California, is a pharmaceutical companycommercializing and developing products for the treatment ofcentral nervous system disorders and pain.

Zogenix reported a net loss of $80.85 million in 2013, as comparedwith a net loss of $47.38 million in 2012.

As of Sept. 30, 2014, the Company had $107.02 million in totalassets, $49.5 million in total liabilities and $57.5 million intotal stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2013. The independent auditors notedthat the Company's recurring losses from operations and lack ofsufficient working capital raise substantial doubt about itsability to continue as a going concern.

[*] TMA New York to Host Luncheon Conference on Jan. 21-------------------------------------------------------The Turnaround Management Association (TMA) of New York on Jan. 13disclosed that it will host its 14th Annual Members-Only ExclusiveProfessor Edward I. Altman Luncheon Conference: "The Credit MarketOutlook for 2015 and Beyond . . . Is a Bubble Building?" onWednesday, January 21, 2015.

The event, to be held at the Union League Club, will featureProfessor Altman's recent paper and thesis on whether a new creditbubble is building in the Leveraged Finance Market and if/when itmight burst. In addition, Professor Altman will address thecorporate default and recovery market and his forecast of expectedcredit market conditions for 2015.

"The New York Chapter of TMA is honored to host the 14th AnnualEdward I. Altman Luncheon and give our members exclusive access toProfessor Altman and his unparalleled track record of forecastingthe credit markets and distressed debt," said Allen Kadish, 2015TMA New York President.

Professor Altman has an international reputation as an expert oncorporate bankruptcy, high yield bonds, distressed debt and creditrisk analysis. He is the Max L. Heine Professor of Finance at theStern School of Business, New York University and the Director ofResearch in Credit and Debt Markets at the NYU Salomon Center forthe Study of Financial Institutions. Prior to serving in hispresent position, Professor Altman chaired the Stern School's MBAprogram for 12 years.

Professor Altman is also the Chairman of the Academic AdvisoryCouncil of the Turnaround Management Association, as well as anadvisor to the Centrale dei Bilanci in Italy as well as severalother foreign central banks. He received his MBA and Ph.D. infinance from the University of California, Los Angeles. Amongother prestigious awards, he was inducted into the Fixed IncomeAnalysts Society Hall of Fame in 2001; President of the FinancialManagement Association (2003) and a FMA Fellow in 2004, and wasamong the inaugural inductees into the Turnaround ManagementAssociation's Hall of Fame in 2008. In 2005, Professor Altman wasnamed one of the "100 Most Influential People in Finance" by theTreasury & Risk Magazine.

Professor Altman was one of the founders and an Executive Editor ofthe international publication: The Journal of Banking and Financeand Advisory Editor of The John Wiley Frontiers in Finance Series. He has published or edited two dozen books and over 130 articles inscholarly finance, accounting and economic journals. He was theeditor of the Handbook of Corporate Finance and the Handbook ofFinancial Markets and Institutions and the author of a number ofrecent books, including Distressed Securities; and his most recentworks, Managing Credit Risk (2nd Ed. 2008), Recovering Risk (2005)and Bankruptcy, Credit Risk and High Yield Junk Bonds (2002).

The Turnaround Management Association -- http://www.turnaround.org/-- is a global non-profit organization comprised of turnaround andcorporate renewal professionals with more than 9,300 members in 49chapters including 31 in North America. TMA's mission is to serveas a forum for corporate renewal professionals from all disciplinesto promote high standards of practice, foster professionaldevelopment, and enhance the image of TMA members.

Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuerspublic debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.

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Monthly Operating Reports are summarized in every Saturday editionof the TCR.

The Sunday TCR delivers securitization rating news from the weekthen-ending.

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